Income Tax dept asks taxpayers to verify online deposits made post demonetization
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The department is using data analytics for comparison of deposits made after 8th of November last year with information in its database to identify taxpayers whose cash transactions do not appear to be in line with the tax-paying profile.
The Department has now enabled online verification of these transactions to reduce compliance cost for the taxpayers while optimising its resources. The information on cash deposits is now available for online verification in the e-filing window of the PAN holder.
The cash deposited in an assessee's account can be verified using the link 'Cash Transactions 2016' under 'compliance' section of the website. The details of transactions related to cash deposits during 9th November to 30th December 2016 will be displayed.
The website also provides for the taxpayer to digitally explain the source of cash deposit, without visiting the income tax office.The response of taxpayer will be assessed against available information and in case explanation of source of cash is found to be justified, the verification will be closed without any need to visit Income Tax office.
If cash deposit is declared under the tax amnesty scheme, Pradhan Mantri Garib Kalyan Yojana, the verification will be closed. #casansaar (NewsonAir)
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