November 28, 2017 2:33 PM

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I-T notices to 1.16 lakh for cash deposit of over Rs 25 lakh

The Income Tax Department has slapped notices on one lakh 16 thousand individuals and firms who made cash deposits of more than 25 lakh rupees in bank accounts post demonetisation, but failed to file returns by the due date.<br/> <br/>CBDT Chairman Sushil Chandra said, large cash deposit by people who have filed I-T returns are also under close scrutiny. Mr. Chandra told to PTI, two lakh 40 thousand people had made cash deposits of 10-25 lakh rupees, but have not filed returns so far and we have asked them to file their IT returns within 30 days. He said, they will also get notices in the second phase, if they did not file the returns. <br/> <br/>He said, the number of people prosecuted for violating the I-T law has more than doubled to 609 in April-September this year from 288 in the same period last fiscal. The total complaints filed are 1,046 as against 652 in the last year.

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