New Delhi, March 18: Justice Arijit Pasayat, the Vice-chairman of the special investigation team (SIT) on black money on Friday said that the amount of money that the Centre has collected as tax so far may scale up with time. A total of about Rs 6,000 crore of unexplained cash deposits have been collected post demonetisation. Post note ban, the tax authorities sought an explanation from individuals, who deposited cash of Rs 500 and Rs 1,000 notes in either their account of any other account. As per report by TOI, many people agreed to avail the amnesty scheme that earlier allowed compounding by payment of 60% of the deposits as tax, now hiked to 75%.
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 said that tax authorities have so far collected around Rs 6,000 crore. He stated that first phase of the post-demonetisation drive against black money the aim of the government was focused on cash deposits of Rs 50 lakh or more.
All the businessmen have been asked to submit balance sheets of last three years along with income tax declarations for every year. Pasayat said that the onus is on those who have deposited huge cash to explain the source. The authorities have been asked to be very strict with government officials who have deposited large amounts as the entire unexplained money deposited by them would be confiscated given the applicability of Prevention of Corruption Act.
