30,000 cases under probe for tax evasion post demonetisation

25 Jul 2017


The Income Tax department is probing over 30,000 cases of possible tax evasion where the returns were revised by assessees after demonetisation, Sushil Chandra, chairman of the Central Board of Direct Taxes, said in New Delhi today.

The Income Tax returns filed after the 8 November demonetisation last year were scrutinised against their earlier tax compliance, following which these cases were detected, he said.

"We are taking action in these instances," Chandra told reporters on the sidelines of an event to mark the 157th Income Tax Day.

He said that after the first phase of 'Operation Clean Money', it was found that some assessees did not report about all their bank accounts to the taxman.

Under "Operation Clean Money", the I-T department is contacting those whose bank account deposits were seen to be suspicious post the note ban.

"We have found that they (assessees) have got more accounts ... they have given less accounts in their replies (to the department). We have now informed them through email and want their response over our website," he said.

The Income Tax head also said that India has an entry rate tax at 5 per cent of income, which is one of the lowest across the globe.

"It is a very reasonable rate of taxation ... I do not think we can lower it at present," he said.

Talking about the department's action under the new Benami Transactions Act, Chandra said the taxman has made attachments worth Rs840 crore in 233 cases till now.

 "We have found that many shell companies own such (benami) properties. Action will be taken," he said.

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