India’s democratic dilemma
The fake news industry has grown by leaps and bounds under the tutelage of the BJP.
In the wake of November 8 note ban, 18 lakh people whose deposits, till December 30, don’t match their tax-paying abilities have been identified by the government, officials said on Teusday.
“Income Tax department has identified 18 lakh people whose deposits post note ban do not match with their tax-paying profile,” Revenue Secretary Hasmukh Adhia said.
Advertisement
“Tax department will send e-mails and SMSs to enquire about such deposits. Notices will be sent if e-mail, SMS queries are either not responded to or the response is unsatisfactory,” Adhia added.
Advertisement
The government had set December 30 as the deadline to deposit and exchange the demonetised Rs 500 and 1,000 notes.
The high-value notes ceased to be legal tender from November 8 midnight, a few hours after Prime Minister Narendra Modi made a dramatic announcement about their spiking.
The government fears that many people put their undeclared income in the Pradhan Mantri Jan-Dhan Yojana bank accounts of their employees and touts. These accounts were opened with zero balance — for the poor.
The transactions under the tax lens include cash deposits of Rs 2.5 lakh or more in a savings bank account and sale or purchase of immovable property valued at Rs 30 lakh or more.
Advertisement
