New Delhi: The Central Board of Direct Taxes (CBDT) is all set to crack the whip on depositors who failed to verify cash deposits of Rs 5 lakh and above during the demonetization drive.
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The board has also asked its officers to take action against those who have offered or repaid loans in cash, which attract 100 % penalty. However, the department is likely to go easy on ‘low-risk-cases’.
As per the reports, around 18 lakh people had deposited more than Rs 5 lakh cash in their bank accounts during demonetization period without any electronic verification. The tax department has also asked its field officers to ensure that the entire process is electronic and non-intrusive.
“It is reiterated that no independent inquiry or third party verification’s are required to be made by the assessing officer outside the online portal. Whatever information is necessary for verification, the same has to be collected through the person under verification using online platform only. Even telephonic queries are to be avoided,” CBDT said in the standard operating procedure for assessing officers.
Apart from insisting on “very polite language”, all information required for further verification has to be communicated within five days. The steps are meant to ensure that taxpayers are not harassed and the entire process is transparent.