Suspicious cash deposits after demonetisaion: Here's an analysis in two charts

The government on Tuesday gave out details of the suspicious deposits that banks received during the demonetisation period of 9 November to 30 December.

There has been 22% increase in e-filing after note ban

There has been 22% increase in e-filing after note ban

According to CBDT Chairman Sushil Chandra, as many as 17.92 lakh people were identified for unexplained deposits post demonetisation and the income tax department has identified one lakh suspected tax avoidance cases.

He also said that an undisclosed income of Rs 16,398 crore was identified post demonetisation.

"We identified around 17.92 lakh persons in whose case the cash transactions did not appear in line with the taxpayers' profiles. And online verifications of these transactions are underway," Chandra told reporters after the launch of the Operation Clean Money website on Tuesday.

He also said there was 22 percent growth in e-filed returns post demonetisation.

Here is a graphic representation of the suspicious bank deposits done during the note ban period:

Corporates, which account for 2 percent of the reported PAN, have a share of 22.6 percent in the reported cash transactions. Proprietors (individuals running business) have a share of 41.5 percent in the reported cash transactions. Taxpayers doing business have a share of 78.4 percent in the reported cash transactions. As much as 36.1 percent of the PAN holders in the reported cash transactions have not filed return.

Traders have the largest share (around 61 percent)in the reported cash transactions relating to business.

Manufacturers have a share of 12 percent in the reported cash transactions relating to business.


Published Date: May 17, 2017 04:37 pm | Updated Date: May 17, 2017 05:08 pm

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