New Delhi: The government agencies have put under “doubtful category” around 50 per cent individuals out of the 18 lakh people whom it has sent messages for depositing demonetised Rs 500 and Rs 1,000 currency notes in banks much higher than their income tax returns.
However, income-tax and other agencies are likely to take action only after the new tax amnesty scheme Pradhan Mantri Garib Kalyan Yojana ends on March 31.
On January 31, income tax (I-T) department had launched “Operation Clean Money” and sent messages to 18 lakh people whose deposit of old currency of Rs 500 and Rs 1,000 in banks after demonetisation did not match with their I-T returns.
Most of these people had made suspicious deposits of over Rs 5 lakh during the 50-day window provided to get rid of old Rs 500 and Rs 1,000 notes following the demonetisation decision announced on November 8. They were asked to clarify on the deposits and their source by February 15.
Till last week some 5.27 lakh taxpayers have responded to SMS and e-mails sent by the income tax department.
Sources said those who did not reply must have "good legal explanation" for their cash deposits and may have chosen to show them in tax returns. However, they pointed out that mere showing cash deposits in income tax returns is not sufficient as any abnormal rise in income for 2016-17 over previous years will be considered as unaccounted wealth or blackmoney and treated as per law.
“However, since the SMS and e-mail correspondence do not have any legal backing, the department will have to send formal notices and then wait till March 31 for the end of (tax amnesty scheme) PMGKY and then take action against doubtful cases,” said sources.
Modi government had announced Pradhan Mantri Garib Kalyan Yojana after demonetisation to offer a last chance to people having accounted cash to come clean by paying 50 per cent tax on bank deposits of junk currencies.
Under PMGKY declarants also have to park a quarter of the total sum in a non-interest bearing deposit scheme (PMGKDS) for four years.
