4.7 Lakh Crore Cash Deposits under IT Scanner

Income Tax Department is digging into the Cash Deposits made from November 9th to December 30th during the Demonetization. The Department is digging into 4.7 Lakh Crore deposited by 18 Lakh People and all this money is said to be unaccounted.

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Queries were already sent to 13 Lakh people through SMS and Email. The remaining will get them very soon. They were asked to respond in 10 days after they receive the SMS/email. They were asked to respond through the compliance window of the Income Tax Filing Site.

The Department will call them for scrutiny if necessary. The Demonetization had resulted in meager gains for the government. Only a very little part of that 15.6 Lakh Crore of the flushed currency did not return to the banks. This scrutiny may lead to further gains, the government is hoping.