60 Lakh Accounts Got Deposits Of Over Rs 2 Lakh: Taxman To Take Action

With an estimated Rs 15 lakh crore in junked notes back in the banking system post demonetisation, the Income Tax department has started the process of engaging private entities to match the data with I-T return or other information of assessees. The I-T department has already found that post demonetisation more than Rs 2 lakh was deposited in over 60 lakh bank accounts and the total amount deposited in these accounts is over Rs 7.34 lakh crore.

"The I-T department intends to leverage technology and deploys data analytics for matching and analysis of demonetization data with return/other information for effective segmentation, grouping, and prioritization," it said, reports PTI. Further, the department also plans to implement new business processes to ensure effective utilization of demonetization data and analytical outputs to achieve desired outcomes.

The I-T department has already asked banks to share details of deposits between November 10-December 30, 2016. Also, banks have to give to the I-T department figures of deposits in similar accounts for the period April 1-November 8, 2016, by January 31, 2017. IT Dept Is Tracking Transactions: Banks To Report Cash Deposits

The Managed Service Provider (MSP) for Data Analytics would be required to match and analyze the demonetization data with return/other information, the tax department said. The MSP for Business Process Management (BPM) would be to design and operationalize business processes and campaign for stakeholder engagement, improving response rates and response quality.

"The underlying approach should have ease of use from taxpayer's perspective," the I-T department said. The data analytics MSP would be required to design and operationalise analytical solution for collation of data received from banks, post offices and other sources for linking of information and identification of duplicate data.

They would also be required to match and integrate the PAN based demonetization data with information in Income Tax database such as I-T returns, TDS information, Third Party Reporting, tax payments, activity and response on the portal to build a comprehensive profile for the taxpayer.

The firms would also be required to cluster PAN linked and non-PAN demonetized data using identified relationships as well as common address, mobile number, email address, bank branch etc. Incentives For Using Aadhaar Payment System

The I-T department intends to select two MSPs to help in Data Analytics relating to demonetization data and one MSP for Business Process Management and the bidders are required to submit their bid by February 3.

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