Last week, Revenue Secretary Hashmukh Adhia had said the I-T Department will be getting reports of all cash deposited during the period of November 10 to December 30, 2016, above a threshold of Rs 2.5 lakh in every account.
"The (tax) department would do matching of this with income returns filed by the depositors. And suitable action may follow," he added.
Any mismatch with income declared by the account holder will be treated as a case of tax evasion.
"This would be treated as a case of tax evasion and the tax amount plus a penalty of 200 per cent of the tax payable would be levied as per the Section 270(A) of the Income Tax Act," the Secretary had said.
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