The Income Tax Department suspects that nearly Rs 3-4 lakh crore of evaded income has been deposited in banks post the demonisation drive that began two months ago and is scrutinising the details, PTI reported quoting an official.
A senior official said Income Tax Department has been asked to scrutinise details and send notices to depositors of of Rs 3-4 lakh crore on which tax could have been evaded.
“We now have trunk loads of data, analysis of which shows that more than Rs 2 lakh was deposited in over 60 lakh bank accounts post demonetisation. The total amount deposited in these accounts is more than 7.34 lakh crore,” he said.
More than Rs. 10,700 crore cash was deposited in different accounts in the North-Eastern states since November 9, he said, adding the Income Tax Department and the Enforcement Directorate are looking into over Rs. 16,000 crore deposited in different accounts of cooperative banks.
It has come to the notice of the government that more than Rs 25,000 crore have been deposited in cash in re-activated dormant bank accounts and the details have also been shared with the Income Tax department.
Similarly, nearly Rs 80,000 crore of repayment of loans in cash above a certain threshold post demonetisation has also been shared with law enforcement agencies.