Tax department says if the cash deposit is declared under the tax amnesty scheme, PMGKY, the verification will be closed. Photo: Hemant Mishra/MintNew Delhi: As the income tax department uses Big Data to catch evaders, it is asking taxpayers to verify online the deposits they made in their accounts post demonetisation and respond to queries of any mismatch. “The details of transactions related to cash deposits during 9th November to 30th December 2016 will be displayed,” it said. In case the account does not relate to the PAN, a suitable option can be selected and information will go to the tax department. The website also provides for the taxpayer to explain the source of cash deposit digitally without visiting the income tax office, it said.

Source: Mint February 02, 2017 10:50 UTC