To strengthen the holders of black money, the Income Tax Department has started issuing notices to those who had deposited large amounts in their accounts during the note-taking, but did not file returns this year.
This step is the next step of the government's operational clean money, which is about Rs. 500 and 1000 notes were started in January immediately after withdrawing from the currency. There are thousands of such names. The list has been prepared and the sources have been sent to the respective field offices.
Old notes were deposited between November 9, 2016 and December 30, and were changed. Those who had deposited huge amount in their accounts but their income has not been filed in the financial year 2017-18, they have been kept in view for further processing, the Central Board of Direct Taxes said in a recent circular. Now in every jurisdiction the officers have been asked to send a tax notice to verify this list and file a return. The procedure will be completed by December 31, according to the circular.
In the first phase of operation clinic money, the tax department identified approximately 18 lakhs of people whose cash transactions were not according to their tax profile. Each person has to respond to it and check their deposits.
This step is the next step of the government's operational clean money, which is about Rs. 500 and 1000 notes were started in January immediately after withdrawing from the currency. There are thousands of such names. The list has been prepared and the sources have been sent to the respective field offices.
Old notes were deposited between November 9, 2016 and December 30, and were changed. Those who had deposited huge amount in their accounts but their income has not been filed in the financial year 2017-18, they have been kept in view for further processing, the Central Board of Direct Taxes said in a recent circular. Now in every jurisdiction the officers have been asked to send a tax notice to verify this list and file a return. The procedure will be completed by December 31, according to the circular.
In the first phase of operation clinic money, the tax department identified approximately 18 lakhs of people whose cash transactions were not according to their tax profile. Each person has to respond to it and check their deposits.