15th October, 2018

Income tax notice to 1.16 lakh for not filing returns post note ban

The Income Tax authorities have issued notice to 1.16 lakh firms and individuals who deposited more than Rs 25 lakh in their bank accounts after demonetisation on Nov 8, 2016 and failed to file returns by due date. Those who deposited large amounts and filed returns are under close scrutiny of the tax authorities as well. The information has been given by the CBDT Chairman, Sushil Chandra.  

The 1.16 people who deposited more than 25 lakh and filed to file returns have been asked to file returns within 30 days.

Another 18 lakh people are being combed for making deposits of over Rs 2.5 lakh in old denominations post note ban.

Two brackets

The government has made two categories to closely scrutinize those who have not files returns – those depositing more than Rs 25 lakh and those adding Rs 10-25 lakh to their accounts.

Nearly 2.4 lakh people made a deposit between Rs 10-25 lakh after note ban.

The Income tax notice is given as specified under Section 142(1) of I-T Act.

The incidence of tax violations in India is rising. The number of complaints this year is 1,046

against 652 last year. The convictions too have been on the rise at 43 this year against 13.

The taxmen identified 17.7 lakh cases involving Rs 3.7 trillion in 23.2 lakh bank accounts after note ban. Some 11.8 lakh people responded online explaining money incidence for 16.9 lakh accounts.