(LiveMint)
The Income Tax (I-T) department has slapped notices on 1.16 lakh individuals and firms who made cash deposits of more than Rs25 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 Rs500 and Rs1,000 currency notes of over Rs2.5 lakh each post demonetisation. Out of them, individuals and companies who have still not filed their I-T returns were segregated into two categories—those depositing more than Rs25 lakh in bank accounts and those putting in Rs10-25 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. “So we have asked them to file their IT returns within 30 days,” he said.
