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Black money: Tax sleuths probing 30,000 returns revised post note ban

I-T returns filed after demonetisation were scrutinised against earlier tax compliance

Press Trust of India  |  New Delhi 

Representative image
Representative image

The department is probing over 30,000 cases of alleged evasion wherein the returns (ITRs) were revised by assessees post demonetisation, CBDT chief Sushil Chandra said on Monday.

The returns filed after November 8 last year were scrutinised against their earlier 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 day here.

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

Under the Operation Clean Money, the I-T department is contacting those whose account 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 boss also said that India has an entry rate at 5 per cent of the 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 newly enacted Benami Transactions Act, Chandra said the has made attachments worth Rs 840 crore in 233 cases till now.

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

The of Rs 1,000 and Rs 500 currency notes was announced by Prime Minister Narendra Modi on November 8 last year.

First Published: Tue, July 25 2017. 12:23 IST
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