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Demonetisation: Over 5.27 lakh dubious depositors respond  

Of the 18 lakh people pulled up by the government as their deposits, till December 30, didn’t match their tax-paying…

Demonetisation: Over 5.27 lakh dubious depositors respond  

Of the 18 lakh people pulled up by the government as their deposits, till December 30, didn’t match their tax-paying abilities, over 5.27 lakh Over 5.27 lakh have responded, officials said on Monday.

“Over 5.27 lakh taxpayers, of the 18 lakh to whom the I-T department had sent SMS and e-mail, responded on e-filing portal under Operation Clean Money,” officials said.

Meanwhile, the income tax department reiterated that for the remaining taxpayers, who have been asked to explain the large deposits, the time to respond is till February 15.

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Post-demonetisation, the government had set December 30 as the deadline to deposit and exchange the old Rs.500 and 1,000 notes.

The high-value notes ceased to be legal tender from November 8 midnight, a few hours after Prime Minister Narendra Modi made a dramatic announcement about their spiking.

The transactions under the tax lens include cash deposits of Rs.2.5 lakh or more in a savings bank account and sale or purchase of immovable property valued at Rs.30 lakh or more.

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