IT Notices Served For One Lakh People

Wed Nov 08 2017 12:57:36 GMT+0530 (IST)

Income Tax Department served notices to one lakh people across the Nation over high range deposits in banks after demonetisation.

As many as 70,000 people who deposited Rs 50 lakh or more in their bank accounts after note ban will receive notices in the first phase under IT Act 142(1). Notices would be served to 30,000 Others based on their past track record.

Whoever receives IT Notices will have to offer their explanation with all the necessary documents. Else, Legal proceedings would be initiated.

From November 8th to March 2017, IT Department held 900 searches and seized Rs 900 crore assets which include Rs 636 crore in cash. Undisclosed amount of Rs 7,961 crore has been detected.

Search Operations on the Tax Evaders haven't yielded great results. If the official figures are like this, Imagine what could be the unofficial figures when it comes to unaccounted money.