Cash withdrawals to biz money: How taxmen will crosscheck deposit claims

CBDT has laid down detailed SOPs on how assessing officers will scrutinise suspicious deposits

The income tax (I-T) department will soon be asking people who have made large cash deposits in the wake of the demonetisation measure to furnish documents like bank statements, passbooks, sales and land records, to crosscheck their claims, LiveMint reported on Thursday. The enhanced tax scrutiny is part of 'Operation Clean Money'.

The I-T sleuths will be looking to verify if the deposits were made from tax-exempt agricultural income, or from cash previously withdrawn from the person's bank account, or, in the case of a business, from income received from unidentifiable persons, the report added.

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