New Delhi, Dec 30: Post demonetisation drive close to 4 lakh crore has been deposited into accounts the source of which cannot be explained by the account holders. In lie of sic deposits the IT department will now serve notices to all suspect account holders and ask them to disclose source of deposited incomes. 

According to the data available with the It department as of December 17 Rs 80 lakh crore were deposited into accounts which add to the total of Rs 4 lakh crore flowing into a total of 1.41 bank accounts country wide.

 The IT department is now busy cross checking the income deposited with the tax returns filed by such suspectacocount holders and if the source of income cannot be verified then action will be taken against defaulters. 

a senior IT official stated that, “considering the huge amounts which have been deposited into various accounts, it is being viewed as income that black money hoarders had kept to save taxes. People with honest sources of income usually never hoard such large amounts of currencies for so long.”  

It IT department has already issued close to 5000 notices to various suspect account holders and after analysing data for long are now more adept to take action against guilty party. 

The announcement of keen scrutiny of accounts came at a time when the government announced its scheme of letting people disclose their incomes and pay 50% tax for undisclosed incomes. Those who did not opt for the option have had to pay almost 90% of their incomes at hand. 

The IT officials have been keeping a track on all Jan Dhan accounts as well even for deposits as small as Rs 30-40,000 in order to catch defaulters who have been using Jan Dhan accounts to stash unexplained incomes.