Did you deposit more than Rs 10 lakh in banks? Taxmen demand online response

If you have deposited Rs 10 lakh or more in your bank accounts post-demonetisation, be prepared to reveal your source of income.

Mumbai, Jan 19: In an attempt to bring transparency in our banking system, taxmen have put in place an online surveillance system to check the amount of money customers have deposited in their bank accounts post demonetisation.

According to a report published in The Economic Times, if a person has deposited Rs 10 lakh or more in his/her bank account post-note ban, the client has to provide details regarding his/her source of income.

In the next 15 days, bank clients have to report to the Central Board of Direct Taxes-- the apex tax authority--online and reveal the details about their money sources.

The office of the CBDT has prepared a list of people, who have deposited more than Rs 10 lakh in their banks after November 8--the day Prime Minister Narendra Modi announced demonetisation.

Now, officials will question people from the list about the orgin of their wealth. According to government sources, post-demonetisation, across the country, there are about 1.5 lakh bank accounts in which Rs 10 lakh or above were deposited.

The CBDT has developed a new e-platform, where bank account holders can explain about their income details.

"If the assessing officer requires more information, the assesse would be asked to submit them. The additional information will also be uploaded online. This is with the objective to bring about transparency," a tax officer told The Economic Times.

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