TaxTMI 
TaxTMI 
Taxman not to ask questions on deposits up to 2.5 lakh:CBDT
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....axman not to ask questions on deposits up to 2.5 lakh:CBDT <br>News and Press Release<br>Dated:- 6-2-2017<br><BR>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....
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.... 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 filed in previous years will be taken for "layer enforcement". "There is no need to fear for any genuine person. We will ensure there is no harassment to genuine person," Central Board of Direct Taxes (CBDT) Ch....
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....airman Sushil Chandra said at CII post-Budget seminar here. The department, he said, has accumulated a large data on deposits made in banks after the government banned old ₹ 500 and ₹ 1000 notes on November 8. "We found (and segregated) the data (for deposits) between ₹ 2 lakh and ₹ 80 lakh and ₹ 80 lakh and above. As the Prime Minister has clearly said that (f....
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....or 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....
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.... has an annual taxable income of ₹ 10 lakh and the tax department will "not touch" him. Importantly, if companies show a cash in hand in balance sheet of ₹ 10 lakh and have deposited ₹ 5 lakh, the tax department will not scrutinise those. "But if you have deposited ₹ 5 lakh and you have not filed return of last three years, that I should touch (for scrutiny....
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....)," he said. "Similarly if you file income tax return (ITR) of ₹ 2.5 lakh income but you deposit ₹ 10 lakh in different bank accounts, I should ask about it." Even for those explanations can be provided through the tax department's website, he said. "This will also be analysed with data and then it will be closed." "Only where it is absolutely not ma....
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....tching, action will be taken. And if there is large deposit may be more than a crore of rupees, then I think if it is not matching with ITR filed, then all honest tax payers will agree that that the man should be taken for layer enforcement," he said. He however did not explain what he meant by 'layer enforcement'. .<BR> News - Press release - PIB....