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Income Tax Department has slapped notices on 1.16 lakh

Income Tax Department has slapped notices on 1.16 lakh

IT slaps notices to 1.16 lakh people, firms; so what cud be the reason

According to a new information, the Income Tax Department has slapped notices on 1.16 lakh individuals and firms who made cash deposits of more than Rs 25 lakh in bank accounts post demonetization and also failed to file returns by the due date.

The information passed on by CBDT Chairman Sushil Chandra added that besides, large cash deposit by people who have filed I-T returns are also under close scrutiny.

The tax department has combed as many as 18 lakh people who had deposited junked 500 and 1000 rupee currency notes of over Rs 2.5 lakh each post demonetization.

Out of them, individuals and companies who have still not filed their I-T returns were segregated into two categories -those depositing more than Rs 25 lakh in bank accounts and those putting in Rs 10-25 lakh each.

Chandra said 2.4 lakh people had made cash deposits of Rs 10-25 lakh who have not filed returns so far.

The notice is under section 142(1) of I-T Act. The official further said the number of people prosecuted for violating the I-T law has more than doubled to 609 in April-September this year from 288 in the same period last fiscal.

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IT slaps notices to 1.16 lakh people, firms; so what cud be the reason
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