Latest News – In a bid to clamp down on unaccounted money funnelled into bank accounts post demonetisation, the tax department has scrutinised and matched as many as one crore accounts and asked 18 lakh people to explain the source of their funds.
The tax department has run big data analytics through more than one crore accounts in its data bank and done matching with the taxpayer profile of the holder, a top source said.
As per I-T records, there are 3.65 crore individuals who filed income tax returns. Besides, there are over seven lakh companies, 9.40 lakh Hindu Undivided Families and 9.18 lakh firms who filed ITRs during Assessment Year 2014-15.
Also, over 25 crore zero-balance Jan Dhan accounts were opened as part of the (Read More)