Big Deposit of Rs. 2000 notes to invite Income Tax Scrutiny:

Big Deposit of Rs. 2000 notes to invite Income Tax Scrutiny As per news updates, Large amounts of cash deposits of Rs. 2000 notes using Third Party Accounts are likely to come under Income Tax Scrutiny. Reserve Bank of India (RBI) on 19th May announced that Rs. 2000 Denomination Banknotes will be Withdrawn from Circulation but same will continue as Legal Tender. Although we can still do transactions of these notes, the Bankers Bank has advised the general public to deposit and/or exchange these banknotes on or before September 30, 2023. As per news updates sudden significant deposits in numerous Jan Dhan Yojana accounts have been seen by Bank Officials. Now this may be examined in an effort to uncover tax evaders using third-party bank accounts to conceal their income when swapping 2,000-rupee notes. All though no, ID proof is required to exchange Bank Nots, banks have been told to report "suspicious" account activity. The tax authorities are preparing to employ artificial intelligence and data analytics to spot unusually high-value purchases and Jan Dhan Yojana deposits, particularly in the coming months when people are expected to get rid of any 2,000 rupee notes before they expire at the end of September.