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Taxman slaps 1.16 lakh notices for suspicious cash deposits post demonetisation

The I-T department has combed as many as 18 lakh people who deposited junked Rs 500 and Rs 1000 notes of over Rs. 2.5 lakh each post notes ban.

Reported by: PTI, New Delhi [ Published on: November 28, 2017 14:50 IST ]
There are 1.16 lakh people who have deposited more than Rs
There are 1.16 lakh people who have deposited more than Rs 25 lakh in cash after demonetisation in old currency notes but still not filed their returns.Photo:PTI

The Income Tax Department has slapped notices on 1.16 lakh individuals and firms which made cash deposits of more than Rs. 25 lakh in bank accounts post note ban but failed to file returns by the due date, CBDT Chairman Sushil Chandra said. Besides, large cash deposits by people who have filed I-T returns are also under close scrutiny, he said.

The tax department has combed as many as 18 lakh people who had deposited junked Rs 500 and Rs 1000 currency notes of over Rs. 2.5 lakh each post demonetisation.

Out of them, individuals and companies which have still not filed their I-T returns were segregated into two categories - those depositing more than Rs 25 lakh in bank accounts and those putting in Rs 10-25 lakh each.

"There are 1.16 lakh people who have deposited more than Rs 25 lakh in cash after demonetisation in old currency notes but still not filed their returns," he told PTI here.

"So we have asked them to file their IT returns within 30 days," he said.

Chandra said 2.4 lakh people had made cash deposits of Rs 10-25 lakh who have not filed returns so far.

"They will also get notices in the second phase," if they did not file the returns, he said.

The notice is under section 142(1) of I-T Act. The official further 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.

Also, convictions have gone up to 43 from 13 last year, Chandra said.

"So courts have given judgement convicting people. So those 43 people will face sentences given by courts".

According to the official data, 17.73 lakh suspicious cases involving Rs. 3.68 lakh crore have been identified by taxmen in 23.22 lakh bank accounts post demonetisation.

Responses from 11.8 lakh people for 16.92 lakh bank accounts had been received by the department online.

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