Tax Department Takes Up the Biggest Ever Scrutiny Operation

Income Tax Department is on its toes since November 8th when Prime Minister Narendra Modi announced the historic decision of the Demonetization. With one word, Modi flushed out 86% of the total cash in Circulation in the form of 500 and 1000 Notes and is looking for the Black Sharks who try to convert the cash into New Notes.

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On the other side, while the common man is struggling in queues to lay hands on the New 2000 and 500 Notes, Black Sharks are getting Lakhs of them through the Conversion Rackets. There are instances even the officials of RBI are involved. Allegations are that some officials of Hyderabad RBI converted about 100 Crore.

Post the Demonetization till December 21st, IT Department has seized more than 505 Crore and out of this, over 93 Crore are in new currency notes. Till December 21st, more than Rs 3590 crore undisclosed income admitted/detected. The department had issued 3589 notices to the alleged defaulters.

The department is likely to scrutinize all the accounts where the deposits are more than Two Lakh in Cash after November 8th. This is one of the massive operations ever taken up in the history of Income Tax Department and the department had even called back some of its retired officials to help them.