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Rs 6,000 crore and counting: Windfall from tax on stashed cash after note ban

NEW DELHI: Vice-chairman of the special investigation team (SIT) on black money, Justice Arijit Pasayat, said on Friday that after demonetisation, the Centre has collected around Rs 6,000 crore as tax on unexplained cash deposits so far, and the amount could go up.

Tax authorities sought explanation from individuals, who deposited substantial amount of cash after demonetisation of Rs 500 and Rs 1,000 notes, either in their own account or in the name of others.

Many later agreed to avail the amnesty scheme which earlier allowed compounding by payment of 60% of the deposits as tax, now hiked to 75%.

“Tax authorities have so far collected around Rs 6,000 crore,” said Pasayat, who with SIT chairman Justice M B Shah supervises the drive against black money by the CBI, Enforcement Directorate, Central Board of Direct Taxes and other agencies.

The SIT VC refused to hazard an estimate of tax that would be collected from unexplained cash deposits as a fallout of demonetisation but exuded confidence that the amount could be substantial. He said that in the first phase of the post-demonetisation drive against black money, focus was on cash deposits of Rs 50 lakh or more.

Emails and SMSes have been sent to all such depositors. Many opted to avail the amnesty schemes for compounding by paying up the stipulated steep tax. As an example, he said in a state like Odisha, generally considered poor, there were thousands who responded to such emails and SMSes.

“As many as 1,092 people, who had deposited over Rs 50 lakh, have not yet responded to notices,” he said outlining the massive task the tax authorities face in examining each and every case of unexplained cash deposited.

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