Demonetization Tax Scanner to Go on for Two Years?

Demonetization - Income Tax Scanner to Go on for Two Years (2)

The Union Government has forced all the Black Money into Banks with the Demonetization. The Income Tax Officials are currently scrutinizing the doubtful accounts to get the list of Tax Evaders. The Department is digging into 4.7 Lakh Crore deposited by 18 Lakh People and all this money is said to be unaccounted.

Queries were being sent to them through SMS and Email and were asked to respond in 10 days after they receive the SMS/email. The case will be closed if the response is satisfactory. If not, scrutiny will be initiated by the department. But then, this is not going to be an easy exercise.

It is estimated that the entire exercise is likely to take 18 months to 2 Years for completion especially due to the less resources of the department. The Demonetization had resulted in meager gains for the government. Only a very little part of that 15.6 Lakh Crore of the flushed currency did not return to the banks. This scrutiny may lead to further gains, the government is hoping.

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