Demonetisation Aftermath: Deposited Rs. 15 lakh during note ban ? You could be in trouble

Old Currency

New Delhi, Feb 3:  The Income Tax (IT) department has issued around two lakh notices to persons who have deposited a sum of Rs. 15 lakh or above in their bank accounts but did not file return during the period of demonetisation in November 2016. 

Speaking to news agency ANI, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra revealed that more than Rs. 15 lakh were deposited in accounts of certain individuals, for which no returns were filed.

“We have identified around 1.98 lakh such accounts and sent notices to the account holders in the months of December and January. However, we have not received any response on the same. It is to be noted that failing to reply to these notices can lead to penalising by the IT department”.

He further asserted the CBDT has not received any response on the same. It is to be noted that failing to reply to these notices can lead to penalising by the IT department.

Around 3,000 prosecution cases were filed in the last three months across different areas, including tax evasion, delayed tax filing, abetment, and so on, he stated.

On 8 November in 2016, Prime Minister Narendra Modi announced scraping of Rs 500 and Rs 1,000 higher value notes in a bid to curb
black money, fake currency menace, terror funding and corruption

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