Hyderabad: The income-tax department is asking taxpayers to verify online the deposits they made in their accounts post demonetisation and respond to queries of any mismatch.
The department is using data analytics for comparison of deposits made after November 8 with information in its database to identify taxpayers whose cash transactions do not appear to be in line with their taxpaying profile.
With a view to avoiding undue harassment, it has enabled online verification of these transactions to reduce compliance cost for the taxpayers while optimising its own resources.
The information on these cash deposits is now available for online verification in the e-filing window of the PAN holder (after log in) at https://incometaxindiaefiling.gov.in.
As per the records, as many as 12.5 lakh taxpayers submitted returns last year, of which nearly 6 lakh are above the income level of Rs 110 lakh, and 1.5 lakh have an income of between Rs 5 lakh and Rs 10 lakh. Of the remaining 5 lakh, about 3 lakh have an income under Rs 2.5 lakh.
