IT notices sent to 1.16 lakh people for cash deposit over rupees 25 lakh

The Income Tax Department has issued notices to 1.16 lakh people and companies who have deposited more than Rs.25 lakhs in their bank accounts and not filing returns till the due date. The Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra on Tuesday said that besides those people who have filed their income tax return, but they have deposited huge amount in their bank accounts, they are also under investigation. The tax department has examined people depositing notes of more than 2.5 lakh rupees closed after the note-ban of 500 and 1000 rupees.

Of these, different people and companies have been separated, who have not yet submitted their income tax returns. These people have been divided between two categories of deposits of more than 25 lakh rupees and those depositing up to 10 to 25 lakh rupees. Chandra said, “The number of people depositing 25 lakh rupees or more after the notes-ban was 1.16 lakhs. These people have not yet submitted their returns. ” They also said that such people and companies have been asked to deposit their income tax returns within 30 days.

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