The income tax department has identified 5.68 lakh new cases for verification, including 1.58 lakh taxpayers who made partial declaration of accounts in the past. Post demonetisation on November 8, the tax department is flushed with information from various sources, including statement of financial transactions (SFT) filed by banks. "The income tax department has also identified 3.71 lakh new accounts relating to 1.58 lakh taxpayers who made partial declaration of accounts/amounts in their earlier responses. In addition to the earlier 18 lakh cases, 5.68 lakh new cases have been identified for e-verification process," the I-T department said. "The taxpayers have provided response for 13.33 lakh accounts involving cash deposits of around Rs 2.89 lakh crore.

Source: dna May 16, 2017 16:52 UTC