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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 and ₹ 1000 currency notes after November 8. Officials said the taxman has begun a country-wide enquiry in this regard and has issued notices under section 133 (6) of the Income Tax Act (power to call for information) in various cities and towns .....

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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 cash deposits from them. If you are assessed to Income Tax, then you shall also file the copy of Income Tax Return of last two years, an I-T department notice issued in this regard said. In the wake of the demonetisation declared by Prime Minister Naren .....

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