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I-T Dept may Go into Overdrive This Quarter

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I-T Dept may Go into Overdrive This Quarter
The income-tax department will in all likelihood go into overdrive in the next three months with the Central Board of Direct Taxes — the apex body — alerting all senior tax officials that their performance is being “monitored at the highest level.” It will also give a renewed push towards imposing and recovering tax on .Rs  3 lakh crore deposit, which is suspected to be the quantum of unexplained cash parked with banks post demonetisation.
“There will be searches, surveys, information verification, and follow-ups. Explanations on ‘cash in hand’ amounts are being sought from different kinds of assessees, and not just from large establishments and jewellers. We will be knocking on many doors even if our respective targets are met,” a senior tax officer told ET.
This was broadly the message conveyed by the CBDT chief during a recent video-conference with tax officials.According to another person in the department, direct tax offices in various circles may be required to go full steam due to a drop in GST collection following cut in tax rates and refunds.Tax officials told their performance is being ‘monitored at the highest level
The Econmonic Times, New Delhi, 15th January 2018

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