Govt suspects tax evasion in Rs 3-4-lakh crore deposits after note ban

As it analyses bank deposits after demonetisation, the government has found that an estimated Rs 3-4 lakh crore of tax-evaded income could have been deposited during 50-day window provided to get rid of junked Rs 500/1,000 notes.

A senior income-tax official has been asked to scrutinise details and send notices to depositors of Rs 3-4 lakh crore 

on which tax could have been evaded. “We now have trunkloads of data, analysis of which shows more than Rs 2 lakh was deposited in over six million bank accounts after demonetisation. The total amount deposited in these accounts is more than Rs 7.34 lakh crore,”