NEW DELHI: The Income Tax Department has slapped notices on 1.16 lakh individuals and corporations who made money deposits of more than Rs 25 lakh in bank accounts put up word ban however did not report returns by the due date, CBDT Chairman Sushil Chandra stated.
Besides, large money deposit by individuals who have filed I-T returns also are underneath close scrutiny, he stated.
The tax division has combed as many as 18 lakh individuals who had deposited junked 500 and 1000 rupee forex notes of over Rs 2.five lakh every put up demonetisation.
Out of them, individuals and corporations who have nonetheless now not filed their I-T returns were segregated into two classes - those depositing more than Rs 25 lakh in bank accounts and those putting in Rs 10-25 lakh every.
"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 advised PTI here.
"So we have asked them to file their IT returns within 30 days," he stated.
Chandra stated 2.4 lakh folks had made money deposits of Rs 10-25 lakh who have now not filed returns so far.
"They will also get notices in the second phase," if they did not report the returns, he stated.
The notice is underneath segment 142(1) of I-T Act. The official further stated the selection of folks prosecuted for violating the I-T law has more than doubled to 609 in April- September this 12 months from 288 in the similar period final fiscal. The overall complaints filed are 1,046 as towards 652 within the final 12 months.
Also, convictions have long past as much as 43 from 13 final 12 months, Chandra stated. "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 three.68 lakh crore had been identified by taxmen in 23.22 lakh bank accounts put up demonetisation. Responses from 11.8 lakh folks for 16.92 lakh bank accounts were received by the dep. online.
Besides, large money deposit by individuals who have filed I-T returns also are underneath close scrutiny, he stated.
The tax division has combed as many as 18 lakh individuals who had deposited junked 500 and 1000 rupee forex notes of over Rs 2.five lakh every put up demonetisation.
Out of them, individuals and corporations who have nonetheless now not filed their I-T returns were segregated into two classes - those depositing more than Rs 25 lakh in bank accounts and those putting in Rs 10-25 lakh every.
"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 advised PTI here.
"So we have asked them to file their IT returns within 30 days," he stated.
Chandra stated 2.4 lakh folks had made money deposits of Rs 10-25 lakh who have now not filed returns so far.
"They will also get notices in the second phase," if they did not report the returns, he stated.
The notice is underneath segment 142(1) of I-T Act. The official further stated the selection of folks prosecuted for violating the I-T law has more than doubled to 609 in April- September this 12 months from 288 in the similar period final fiscal. The overall complaints filed are 1,046 as towards 652 within the final 12 months.
Also, convictions have long past as much as 43 from 13 final 12 months, Chandra stated. "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 three.68 lakh crore had been identified by taxmen in 23.22 lakh bank accounts put up demonetisation. Responses from 11.8 lakh folks for 16.92 lakh bank accounts were received by the dep. online.
Deposited cash above Rs 25 lakh? Income Tax notice on your way
![Deposited cash above Rs 25 lakh? Income Tax notice on your way]()
Reviewed by Kailash
on
November 29, 2017
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