Bank deposits may be subjected to investigation

Bank deposits, even upto Rs 2.5 lakh post demonitisation, may be investigated by the Income Tax department though the amount may not attract any tax, an official said today.
"The amount of Rs 2.5 lakh is not sacrosanct that it will not attract investigation even though it may not attract any tax," Income Tax DG (Investigation), Kolkata, A A Shanker said at a workshop on Pradhan Mantri Garib Kalyan Yojana today.
Post demonitisation there had been reports of sudden spurt in deposits in zero balance Jandhan accounts.
The investigation may be required to unearth black money diverted to bank accounts of other people, he said, adding government is collecting data in such deposits to analyse the same and might be used for the probe.

Chief Commissioner I-T Kolkata-I, KL Maheswari said the disclosure scheme should be used by people as government would take stringent measure after the scheme ends in March as it already has a lot of data to apprehend black money.
AITPF vice-president Narayan Jain said people should take advantage of the scheme as government is determined to eliminate black money from the system.