Home Top Story I-T to crack down on unexplained cash deposits

I-T to crack down on unexplained cash deposits

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(The News Bureau)

Income tax officials have been directed to crack down on people who have not explained cash deposits worth over Rs 5 lakh following the demonetisation.

The Central Board of Direct Taxes has also directed officers to take action

against those who have repaid or extended loans in cash that will now attract a 100 per cent penalty. This will also apply to loans that have been made to friends.

From an estimated 18 lakh people who made cash deposits worth over Rs 5 lakh each, a majority of people are yet to verify their funds.

To ensure people are not harassed, the verification is to be conducted through an online e-filing portal. If the information provided does not meet the ealier returns or the financial profile of the individual, tax officials will take further action like scrutinising the accounts in question, and even referring some to the investigation wing.

 

 

 

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