Demonetisation : I – T to issue notices to suspicious cash depositors

The Income Tax Department will soon issue notices to those who have deposited “suspicious” amounts of money into banks after the note bank on Nov 8 last year.

Taking on the next move, Chairman of Central Board of Direct Taxes(CBDT) said despite closing of I-T returns filing time period, a number of individuals and enterprises have failed to file tax returns  as stipulated under “Operation Clean Money”(OCM). Notices will be issued to these defaulters, he added.

The people who have filed their returns will be scrutinised against amounts they have deposited during the period of demonetisation to ascertain true state of their finances.

Post demonetisation there has been 20 percent spike with respect to people who filed returns, Chandra said.

The I-T department had conducted 900 searches between Nov 9, 2016 and March this year leading to seizure of assets worth Rs. 900 crores including cash.

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