I-T Notices To 1.16 Lakh For Cash Deposit Of Over Rs 25 Lakh

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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 note ban but failed to file returns by the due date, CBDT Chairman Sushil Chandra said. Besides, large cash deposit by people who have filed I-T returns are also under close scrutiny, he said.

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. What is Operation Clean Money Portal Of The Income Tax Department?

I-T Notices To 1.16 Lakh For Cash Deposit Of Over Rs 25 Lakh

"There are 1.16 lakh people who have deposited more than Rs 25 lakh in cash after demonetization in old currency notes but still not filed their returns," he told PTI here. "So we have asked them to file their IT returns within 30 days," he said. Chandra said 2.4 lakh people had made cash deposits of Rs 10-25 lakh who have not filed returns so far. "They will also get notices in the second phase," if they did not file the returns, he said. 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. The total complaints filed are 1,046 as against 652 in the last year. Also, convictions have gone up to 43 from 13 last year, Chandra said.

"So courts have given judgment convicting people. So those 43 people will face sentences given by courts". According to the official data, 17.73 lakh suspicious cases involving Rs 3.68 lakh crore have been identified by taxmen in 23.22 lakh bank accounts post demonetization. Responses from 11.8 lakh people for 16.92 lakh bank accounts had been received by the department online.

Goodreturns.in 

Read more about: income tax notice, deposit, saving
Story first published: Tuesday, November 28, 2017, 16:06 [IST]
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