Rahul Mehta Gandhinagar LsCandidate

Unofficial estimates say that of Rs 14.50 lakh crores of old notes deposited in banks, some Rs 11 lakh crores are in accounts where deposits are BELOW Rs 2,50,000 !!!
.
Now if money deposited between 1-apr-2016 and 31-apr-2017 is below Rs 250,000 , then income tax depot will only end up wasting time and money by chasing such account owners
.
So expected gains from such accounts = Rs 0 (plus surcharge of Rs 0 plus cess of Rs 0)
.
So now income tax dept can chases accounts where deposits are above Rs 250,000. The total deposits in such account are below Rs 350,000 crores.
.
And in many cases, they are genuine (eg many business deposits lakhs of rupees in their account anyway every year. So if they deposited their lakhs of cash in hand in nov-2017, there is no net new tax revenue). Also, in many cases, whole family deposited money in account of one person , and it is legal and it is NOT taken as income of that person alone and tax due will be neat zero.

(eg say a man deposited Rs 600,000 in his account, and deposited Rs 0 none in accounts of his wife and say one non-adult kid. Then that man can legally say that his income was only Rs 200,000, his wife's income was Rs 200,000 and his son's income was Rs 200,000 and they all three deposited the money in his account. Total taxes due = almost Rs 0)
.
So even if income tax depts chases all of those who deposited over Rs 250,000, then also net new income tax can be below Rs 100,000 crores
.
----
.
Now all these are UNOFFICIAL estimates. Let NaMo give OFFICIAL estimates on gross amount deposited in accounts where per person deposited below rs 100,000, below rs 200,000, below Rs 250,000 and above Rs 250,000 .
.
Now last day to send notice is 30-sep-2018 (yes, 2018) and the last day to issue demand notice is 30-sep-2019 !!! And after that, there can be appeals !!! So final tax money collected will become known only after a long time.