NEW DELHI: Action will “definitely” be taken against 9.29 lakh entities who have not responded to the I-T department’s queries over cash deposited by them which did not match their income profile, the Government asserted today.
During the 50-day period post-demonetisation, 18 lakh entities deposited scrapped notes of Rs 500 and 1000 not commensurate with their income means, Finance Minister Arun Jaitley said in the Lok Sabha in reply to a debate on the Finance Bill.
“Currently, the process of remonetisation is on. But through data mining, CBDT and tax department have found out from the first cut analysis that cash deposited by 18 lakh people did not match with their income profile,” he said.
The authorities had sought explanation from these 18 lakh entities through SMS and emails, he said.
“About 8.71 lakh people have sent their explanations and those who have not responded, the Income Tax Department will take action against them as per the Income Tax Act,” he said. (AGENCIES)
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