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IT DEPART. STARTED ISSUING NOTICES FOR CASH DEPOSITED AS BLACK MONEY?


Income tax department has started issuing Notices as cash deposited as old notes on after 09/11/2016

An image of notice was relaving on social media sites at the name of notice issued by the Director of income tax investigation department, Silguri Unit.

Though ,We have no idea how many notices has been issued till date ? But it is sure ,that no one will be spared , so Keep ready yourself  with explanations.

On the basis of above facts and point ,it can be concluded that Banks have not submitted any data to income tax department yet on the cash deposited during 09/11/2016 to 31/12/2016 as due date for filing return is 31.01.2017 .

So ,in present case ,sources of information to Income tax department is not Bank but complaint/ survey by the department or Information collected from assessee  through any other notice sent earlier.

At the end ,You should be more careful while depositing cash during the period between 09/11/2016 to 30/12/2016 .Income tax department has informed ,time and again that heavy penalty  will be Imposed along with prosecution on such persons where there is mismatch found between Cash deposited and Income shown in the return. 

Black Money Holders Should Be Ready For Income tax Notices.

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