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Taxman not to ask questions on deposits up to ₹ 2.5 lakh CBDT

News and Press Release - Dated:- 6-2-2017 - New Delhi, Feb 6 (PTI) Providing clarity on scrutiny of deposits made in banks post demonetisation, I-T department on Monday said no questions will be asked about deposits of up to ₹ 2.5 lakh and only those accounts will be probed that do not match the tax returns. Using Big Data analytics, the Income Tax Department has segregated different kinds of deposits and large ones like more than ₹ 1 crore that do not match with income tax returns f .....

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and ₹ 80 lakh and ₹ 80 lakh and above. As the Prime Minister has clearly said that (for deposits) up to ₹ 2.5 lakh we will not ask (questions), so we have put that data aside at the moment, he said. The tax department has used its data bank to run all deposits exceeding ₹ 5 lakh made during the 50-day window provided post demonetisation to get rid of junked notes, he said. Giving examples, he said deposits of ₹ 3 lakh are justified if a person has an annual taxable .....

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