I-T lens on deposits of Rs 4.17 lakh crore by 1.8 mn persons

Banned notes deposited in over 7 million accounts of PAN cardholders

Under the demonetisation drive, seven million PAN (permanent account number) card holders deposited high-denomination currency notes of Rs 500 and Rs 1,000, of which 1.8 million persons’ cash deposits are not matching with their tax profile, according to the income tax (I-T) department. These deposits aggregated to Rs 4.17 lakh crore, a senior tax official told Business Standard.

Most of these 1.8 million persons have deposited over Rs 5 lakh during the period of exchanging old notes and identified to be suspicious. The tax department has sought explanation from them within 10 days to avoid tax notices.