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  • Category: Miscellaneous

    IT notices to two hundred thousands individuals.

    This is the effect of demonetization. Income tax department has served notices to around two lakh people. These people after demonetization deposited more than 20,00,000/- in their accounts and not able to show a proper source of earning. Even though the department has given a lot of time for explaining the facts and submitting the returns, these people failed to do that. So the department has initiated action on these people. The department identified almost 2.9 lakh crores doubtful money deposits. Initially, they initiated action on those people who deposited more than 50 lakhs. Around 70,000 people received the notices and taken actions... Now they issued notices to these two lakh people. We have to see what will be the outcome.
  • #623806
    This is quite natural. At the time of de-monetization, we heard that the Government had been keeping track on such deposits. Now, it is quite natural that IT Department would send notices to such large cash depositors. I hope that this step would bring some more taxes in the exchequer.
    Beware! I question everything and everybody.

  • #623809
    This was on expected lines. As soon as demonetization was announced those who had enough black money faced the worst hardship and deposited in various benami accounts and now they are unable to account for,
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #623872
    There is no surprise in this action by Income Tax Department. But to me, IT Department is too late to act on though it has all the data in hand.. IT Returns for the FY 2016-17 were submitted by August 31st 2017. It took almost 4 - 5 months to scrutinize that data.

  • #623885
    This was expected, isn't it? I think it is a case of the Government under-estimating the sheer volume of black money along with the people underestimating the intelligence of the Government.IT department.

    People in the hurry and desperation not to lose on their hard-earned black money did not think it out about what explanation to be given when we would be called to disclose the source of the hurried deposits. Now slowly, people will realize that they have been caught red-handed and the only way out would be to pay the hefty tax/fine unless some powerful people bend the rules. We should give credit to the Government, first make 500/1000 illegal overnight, then encourage people to deposit what they have in hand and now making a list of all and taking them to task.

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