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I-T to issue 1L notices for huge deposits post demonetisation

News and Press Release - Dated:- 7-11-2017 - New Delhi, Nov 7 (PTI) - The Income Tax Department is set to issue notices to about one lakh entities and individuals, who deposited huge cash in banks post demonetisation and whose tax returns have been p .....

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but chose not to file tax returns or respond to the relevant Income Tax Department advisories, the sources said. These notices will be issued under Section 142 (1) of the I-T Act (inquiry before assessment), they said. Similarly, about 30,000 scrutin .....

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elected for the scrutiny procedure by the department post demonetisation, declared by the government on November 8 last year. The rest of the scrutiny notices will be issued in due course, they added. This action will be followed by the taxman issuin .....

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by the tax department in January this year to check black money generation post the note ban. According to official data, accessed by PTI, 17.73 lakh suspicious cases involving ₹ 3.68 lakh crore have been identified by the taxman in 23.22 lakh .....

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