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I-T notice to those depositing huge cash

News and Press Release - Dated:- 19-11-2016 - Acting swiftly, the Income Tax department has issued hundreds of notices seeking source of funds from individuals and firms who have deposited huge amounts of cash in banks using the scrapped ₹ 500 .....

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of the country. They said the notices were issued after banks reported to it certain cases of unusual or suspicious volumes of cash deposits in their accounts, primarily beyond ₹ 2.5 lakh. The notices are being issued where the department feel .....

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currencies on November 8, they said. The notices issued by the department cite the date and amount deposited by an entity in the old currency in the bank as it goes on to seek supporting documents, books of accounts and bills to explain the said cas .....

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