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Monday, 15 October 2018

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People depositing extra money during demonetisation will be scrutinised by Income Tax Department

People depositing extra money during demonetisation will be scrutinised by Income Tax Department



People depositing more than their respective earning in banks after demonetisation will now have to go under tge scrutiny of the income tax department. After demonetisation, the income-tax department has sent notices enquiring the reason for extra deposits to around 10 thousand people. Such notice will be again sent to many people in the coming weeks.

In this notice sent under the unnamed law says, if any person does not satisfactorily answer the questions, then he may have to go to jail. The department has sent notice to the account holder and the one who has deposited the money. Many people had deposited the money in the account of another person during that period.

The total deposits of the Jandhan accounts reached Rs 80,000 crore. This is said in a finance ministry statement. According to the data, the total deposits of these accounts are increasing steadily since March 2017 and the ban saw the highest boom. It was at the level of 80545.70 crores on April 11, 2018.

Those who are being sent notice on behalf of the Income Tax Department include the drivers of wealthy persons, wives and relatives.

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