I.T notice may land in doorstep, if you deposited Rs 15 lakh during demonetisation
New Delhi , Feb 3: For those who deposited unaccounted sum of Rs 15 lakh or more in their bank accounts during the demonetisation period, notice from IT sleuths could soon be landing in your door step.
The Income Tax (IT) department has issued nearly two lakh notices to persons who deposited more than Rs. 15 lakh in accounts for which no returns were filed.
Confirming the move, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said that government has identified around 1.98 lakh such accounts and have issued notices to the account holders.
The notices have been issued in the months of December and January. He also made it clear that failing to reply to notices can invited penal action from the IT department.
The IT department has filed around 3,000 prosecution cases in the last three months across, which includes cases of tax evasion, delayed tax filing etc.