(FE)
The income-tax department (I-T) is ‘chasing’ 80,000 persons who had deposited cash during demonetisation period which didn’t match their income profile, chairman of central board of direct taxes (CBDT) Sushil Chandra said on Wednesday. He also said that the government would exceed the direct tax collection target of Rs 11.5 lakh crore for the current fiscal.
During the demonetisation (November 8-December 30, 2016), more than 23 lakh people were identified to have deposited suspiciously large sum of cash in bank account. Subsequently, they were sent messages to explain the source of cash. Chandra said that a large number of such persons filed returns following I-T department’s queries.
However, nearly 3 lakh individuals failed to file returns even after initial communication. The I-T department then issued statutory notices to them, which resulted in 2.15 lakh persons filing returns.
“For the 80,000 cases, returns have not been filed; the department is chasing them and the assessment would have to be framed,” Chandra said.
