Crack down on black money in banks, PMO tells I-T dept

The PM’s Office has advised the tax department not to go after those who have become GST compliant despite never having filed an IT return.

The Prime Minister’s Office (PMO) has asked income tax department to begin action against all black money deposited in banks during the demonetisation period. 
 
I-T department was given instruction within days of RBI disclosing that 99% of the demonetised Rs 500 and Rs 1000 currency notes had returned to the banking system, an ET report quoted a high ranking government official as saying.
 
Prime Minister Narendra Modi, in a closed door meeting with Revenue Department, CBDT and CBEC officials on September 1 and 2, has asked the tax department to prioritise cases related to the black money.
 
As per sources, the I-T department will focus on "suspicious" and "unusual deposits" after the government announced demonetization. 
 
Besides, the PM’s Office has advised the tax department not to go after those who have become GST compliant despite never having filed an IT return. 
 
Source: ET.com

Event date: 
Wednesday, September 6, 2017

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