A year after the historic demonetisation announcement, the income tax department is all set to launch a heavy crackdown against the black money holders. The department will issue notices to nearly one lakh entities and individuals whose bank accounts have suspicious cash deposits post demonetisation. The I-T department has also scrutinised their tax returns before the notices are prepared. The authorities will start issuing notices from this week, as reported by PTI. Tax authorities will first issue notices to 70,000 entities whose cash deposit has crossed over Rs 50 lakh but they chose not to file tax returns or respond to the relevant income tax department advisories, the report said.
Sources said these notices will be issued under Section 142 (1) of the I-T Act (inquiry before assessment).The authorities will also send 30,000 notices for scrutiny whose bank account behaviour have been starkly “deviant” from their past and showed huge monetary transactions post demonetisation.
In the future course of action, the taxmen will also send notices to the people concerned, by next month, who deposited between Rs 25 lakh and Rs 50 lakh post demonetisation. The official data showed that 17.73 lakh suspicious cases involving Rs 3.68 lakh crore have been identified by the taxman in 23.22 lakh bank accounts.
Till now, responses from 11.8 lakh people for 16.92 lakh bank accounts have been received by the department through online medium. A senior I-T department official said, “We will again ask people who made bank deposits of over Rs50 lakh to respond to our notices. If they do not cooperate, we will begin the legal action.”