The Income Tax department has issued notices to hundreds of citizens, who deposited more than Rs 2.5 lakh in their bank accounts post November 8th this year, seeking information about the source of funds. Notices were issued under Section 133 (6) of the Income Tax Act.
IT Sleuths have served notices to the account holders who's deposits appeared suspicious. The IT Department sought details of income source and necessary documents to prove it doesn't come under unaccounted money. The notice issued by Taxmen demands the account holder to furnish the details of Income Tax Returns for the past two years.
Income Tax Department have also given notices to hundreds of Charitable & Religious Organisations, who were benefitting from tax exemptions, in the country to disclose the cash balances as of November 8th, 2016. This is a move to keep a check on possible Black Money donations.
IT Sleuths have served notices to the account holders who's deposits appeared suspicious. The IT Department sought details of income source and necessary documents to prove it doesn't come under unaccounted money. The notice issued by Taxmen demands the account holder to furnish the details of Income Tax Returns for the past two years.
Income Tax Department have also given notices to hundreds of Charitable & Religious Organisations, who were benefitting from tax exemptions, in the country to disclose the cash balances as of November 8th, 2016. This is a move to keep a check on possible Black Money donations.