If you have deposited more than Rs 25 lakh in the bank then this news has just been read

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If you have deposited more than Rs 25 lakh in the bank then this news has just been read
Sandesh November 28 2017 18:44

The Income Tax department has issued notices to 1.16 lakh people and companies not depositing more than Rs. 25 lakhs in the bank account after the notification, and not refunding to the scheduled date. Central Intelligence Tax Board (CBDT) chairman Sushil Chandra said this on Tuesday.
He said that besides those people who have already filled up the tax returns, the people who have deposited a large amount in the bank account are also under investigation. The Income Tax department has also examined the depositors with notes of Rs 500 and Rs 1.50 lakhs after the note-maker.
Some people and companies who have not yet filed a tax return have been separated. Those who have deposited more than 25 lakh rupees and deposits of Rs. 10 to 25 lakhs have been kept in the category of taxpayers. Chandra said, "After the notification, the number of people who deposit Rs 25 lakh or more in the closed note is 1.16 lakh. These people have not yet submitted their return. He said that such people and companies will have to file their tax returns within 30 days.
Chandra said that 2.4 lakh people have deposited 10 to 25 lakhs in the bank account, but they have not filed a return date yet.
He said that these people will be issued a notice in the second category. This notice will be sent under section 142 (1) of the Income Tax Act. The official said that in the current financial year from April to September, the complaint against 609 people has been started for violation of the Income Tax Act and this number was twice as compared to 288 during the same period last year. A total of 1,046 complaints have been registered this year, as against 652 in the same period last year.

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