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Demonetisation: Income Tax dept. initiates queries on Suspicious Bank Account deposits during window period

PAN - CBDT - Taxscan

The Income Tax Department started raising queries on suspicious bank account deposits, including the deposits made in co-operative banks,post demonetization.

Reportedly, the department could start summoning bank account holders in the coming month or two. The move is part of the government’s crackdown on money laundering in the wake of demonetisation. The department, initially, was focusing on those bank accounts that do not have proper KYC (know your customer) credentials or cash deposits do not correspond with the individual’s income people close to the development said.

Sources saythat many bank account holders suddenly deposited a huge chunk of money even as their income tax records do not correspond with such an amount. About 1.5 lakh account holders have deposited more than Rs 10 lakh each and there have been suspicious cash deposits in one crore accounts belonging to 75 lakh people.

Income tax department has already raised queries on the e-platform. The queries raised are very specific and in some cases tax officials are demanding that bank account holders submit scanned copies of their PAN and Aadhaar cards. Experts said bank account holders who have not cleared the KYC process, especially in some cooperative banks, are to be questioned first.

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