The tax department is armed with systems to track those with multiple banks accounts as well as those who are depositing in accounts of others and tax department will not leave anyone who is trying to evade taxes, he added.
“Even if you take deposits of more than Rs 2 lakh, we have information about more then 60 lakh individuals, companies and institutions who have deposited more than Rs 7 lakh crore of money. That’s an astonishing number. We will be looking at it.
For individuals the deposit figure would be Rs 3-4 lakh crore.
“We do expect a lot of revenue buoyancy because of this either in this year or in subsequent years but nobody will go scot-free,” the official said.
Following the demonetisation of 500 and 1,000 rupee notes on November 8, government has come out with PMGKY under which people can disclose unaccounted cash and come clean by paying 50 per cent tax. Besides the scheme provides for a mandatory deposit of 25 per cent of such income in the zero-interest bearing Pradhan Mantri Garib Kalyan Deposit Scheme, 2016, for four years.
PMGKY commenced on December 17 and shall remain open for declarations and deposits up to March 31, 2017.
Sourced from agencies, feature image courtesy: hindustantimes.com
