Centre collects Rs 6k crore as tax on unaccounted cash deposits

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The Centre has collected Rs 6000 crore as tax on unaccounted cash deposits so far, and the amount may rise further, according to the Special Investigation Team’s (SIT’s) vice-chairman, Justice Arijit Pasayat.

Individuals who deposited extraordinary amount of cash during the demonetisation phase in their own accounts or other people’s accounts,  have been questioned by the tax authorities, who are demanding an explanation.

Cash deposits of Rs 50 lakh or more were in focus in the first phase of the post-demonetisation drive against black money, and such depositors have been contacted through emails and SMSs.

Around 1092 people, who deposited over Rs 50 lakh, have not responded to notices, according to Justice Pasayat.

While, businessmen who have made huge cash deposits, have been asked to show their last three-years’ balance sheets alongwith income tax declarations for each year.

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