A considerable proportion of the accounts which came up on the radar of the Income Tax department for considerable deposits of old notes of Rs 500 and Rs 1000 during the demonetisation period are reported to have contained black money as the account holders have not been able to provide a satisfactory explanation for the deposits. The final report regarding this has been sent to the Central Board of Direct Taxation (CBDT) said the State's chief commissioner of income tax, Pramod Kumar Gupta.
Addressing the media persons here on Wednesday, Gupta said that during the demonetisation period a total of 3255 accounts had been checked by the Income Tax department. More than Rs 1 crore each was deposited in 414 of these accounts while Rs 50 lakh and more had been deposited in each of 600 accounts. In the rest of the accounts, amounts ranging from Rs 2.5 lakh to Rs 50 lakh each had been deposited. The chief commissioner of income tax further informed that 418 account holders had provided necessary documentation for the amounts deposited in their accounts, which was also found to have been mentioned in the returns they had filed.
In case of deposits for which the account holders have not been able to provide accurate information, these are being considered to have been used for depositing black money.
