The Income Tax Department had issues notices for 1.16 lakh suspicious deposits. The Income Tax Department issued these notices for people who have deposited more than 25 lakh into their bank accounts after the ban of big notes. CBDT Chairman Sunil Chandra has clarified that people deposited a big sum after demonetization have sent the notices. Also, people deposited a huge sum of money in their accounts and have filed IT returns have suspected by the Income Tax Department.
“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,”. “So we have asked them to file their IT returns within 30 days,” The IT Department official Chandra said.
IT Department Notices for 1.16 Lakh Suspicious Cash Deposits
The IT Department has also found people those have deposited Rs 500, Rs 1000 junked notes over 2.25 lakh before the demonetization. Approximately, 18 lakh people comes into this category. The IT Department had distinguished the people depositing more than Rs 25 lakh, depositing Rs 10 to Rs 25 lakh. Also, the department had issued the notices for people and companies filed IT returns after depositing a big sum into their accounts.
IT Officer Chandra said that approximately 24 lakh people have filed IT returns after depositing Rs 10 to 25 lakh into their bank accounts. 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 notice is under section 142(1) of I-T Act. The IT Department has also said the number of people indicted for disregarding the I-T law has dramatically increased to 609 in April-September this year from 288 in a similar period last monetary. The aggregate protestations recorded are 1,046 as against 652 in the year of 2017. Also, convictions have gone up to 43 from 13 last year, Chandra said.
“They will also get notices in the second phase,” if they did not file the returns, he said. “So courts have given judgement convicting people. So those 43 people will face sentences given by courts”.
As indicated by the official information, 17.73 lakh suspicious cases including Rs. 3.68 lakh crore have been recognized by taxmen in 23.22 lakh accounts post demonetisation. Responses from 11.8 lakh people for 16.92 lakh accounts had been identified by the Income Tax Department.