Income tax sleuths have expedited the process for recovering and imposing tax on Rs 3 lakh crore deposit, which is suspected to be the quantum of unexplained cash parked with banks post demonetisation.
“There will be searches, surveys, information verification, and follow-ups. Explanations on ‘cash in hand’ amounts are being sought from different kinds of assessees, and not just from large establishments and jewellers…
We will be knocking on many doors even if our respective targets are met,” a senior tax officer told. This was broadly the message conveyed by the Central Board of Direct Taxes (CBDT) chief during a recent video-conference with tax officials.
The newspaper reported that direct tax offices in various circles may be required to go full steam due to a drop in goods and services tax (GST) collection following cut in tax rates and refunds.
