Big Demonetisation Success! Rs 6,400 Crore Income Tax Bonanza As Lakhs Of High Net Worth Non-Filers Come Clean financialexpress.com

After demonetisation, a total of 3.04 lakh high-net-worth non-filers came under the scrutiny of the Income Tax Department for depositing more than Rs 10 lakh in old notes in their bank accounts. Of the total, 2.09 lakh non-filers paid self-assessment tax of Rs 6,416 crore, the government told the Parliament. This puts an average tax paid by these non-filers at Rs 3 lakh per person.

The government said that over 2 lakh non-filers came clean about their deposits due to the ‘sustained non-intrusive’ campaign started after the announcement of demonetisation. Following demonetisation, the government allowed people to file Income Tax Returns of the undeclared deposits.