Post-demonetisation: I-T dept to verify large deposits

With the vast data on post-demonetisation deposits before it, the Income Tax Department has said it is already on the job of verifying the account details and notices will soon be sent to those identified with irregularities.

With the vast data on post-demonetisation deposits before it, the Income Tax Department has said it is already on the job of verifying the account details and notices will soon be sent to those identified with irregularities.

"That process (verification) is on for quite some time. It's going on. Our directorate of investigation and intelligence does that. They are on the job. Notices may start soon to such accounts," a top official in the department told IANS.

"If there are large number of other accounts with huge deposits, then maybe we will go into those first," he said and added that the department will have to prioritise and plan the action considering the constraints of a limited manpower.

"It is a huge operation, launched by our investigation wing. All the information would be very large, so very relevant information will have to be culled out and we'll have to prioritise," the official, who did not want to be identified, told IANS.

The Income Tax Department has also identified the local clusters and bank branches where the inflow of Jan Dhan deposits have been more than normal, in order to investigate money deposits in Jan Dhan accounts which belonged to somebody else, but the scrutiny into these may take longer.

Deposits in Jan Dhan accounts have grown by more than 50 per cent since the demonetisation announcement on November 8.

"That depends on the total workload," the official said on the scrutiny of such Jan Dhan accounts. IANS

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