Tax Department Slaps 1.16 Lakh Notices For Suspicious Cash Deposits

New Delhi

The Income Tax Department has slapped notices on 1.16 lakh individuals and firms which 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 deposits 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 demonetisation.

Out of them, individuals and companies which 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.

"There are 1.16 lakh people who have deposited more than Rs. 25 lakh in cash after demonetisation 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 judgement 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 demonetisation.

Responses from 11.8 lakh people for 16.92 lakh bank accounts had been received by the department online.

Newsletter

Prime Minister Modi inaugurates Atal Tunnel - longest tunnel above 10000 ft

Ladakh: The Prime Minister today inaugurated the Atal Tunnel and took the inaugural drive through in the 9km long tunnel...

Orissa High Court Order regarding migrant workers entry into Orissa put on hold by the Supreme Court

The Orissa High Court order to permit the entry of migrant workers only if they tested Negative for COVID-19 was put on...

Coronavirus Lockdown - First Flights To Bring Back Indians Stranded Abroad Land In Kerala

On Monday, the central government announced plans to begin a massive repatriation of its citizens stranded abroad, dubbe...

Reacting to Trump's retaliation threat India allows Hydroxychloroquine export

In a move after Trump's threat to retaliate if India fails to send medicines, India has lifted ban of export of ess...

All Domestic Passenger Flights Suspended from Midnight Tomorrow

The operations of all domestic schedule commercial airlines will stop operations from 23.59pm on March 24, a government...

Iran says it ‘unintentionally’ shot down Ukrainian plane, blames ‘human error’

Iran had denied for several days that a missile downed the aircraft. But then the US and Canada, citing intelligence, sa...