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DEMONETISATION TAX SEARCHES

During demonetization, large cash was deposited in bank accounts, and it became possible to track the owners of cash, said MoS for finance Pankaj Chaudhary. “The Income Tax Department had conducted searches in 900 groups during the period November 2016 to March 2017 leading to seizure of Rs. 900 crores, including cash of Rs. 636 crores and admission of undisclosed income of Rs. 7,961 crores,” he said in his reply adding that during the same period, 8,239 surveys were conducted leading to detection of undisclosed income of Rs. 6,745 crores. further, 3.04 lakh persons who had deposited cash of Rs. 10 lakh or more but had not filed their return of income till due date of filing returns were identified. Overall, Self-Assessment Tax of more than Rs. 13,000 crores was paid by targeted non-filers, he noted in his response. S-ET

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