In a bid to crackdown on the people and firms who have not filed returns by the due date even after making cash deposits worth more than Rs.25 lakhs post demonetization, the Income Tax department has slapped 1.6 lakh notices. The tax department has issued this notice under section 142(1) of I-T Act. The department has come up with a list of 18 lakh people who had made cash deposits of Rs.500 and Rs.1000 currency notes for more than Rs.25 lakhs in several bank accounts. However, people who have filed their IT-returns within the deadline but have made large deposits are also under scanner. CBDT Chairman Sushil Chandra informed, “We have asked the listed individuals and firms to file their income tax returns within 30 days.” He added that more than 2 lakh people have made cash deposits worth Rs.15 to 20 lakhs but have not filed their income tax returns so far.
Such individuals will be targeted in the second phase of the crackdown, Chandra informed. Sharing a staggering data with the press, Chandra said that the number of people taken to court for failing to abide by IT laws have risen from
288 in April-September, 2016 to 609 in this fiscal year. While last year, around 652 complaints were registered, this year around 1,046 cases have been recorded already.