One year of demonetisation: I-T to issue 1,00,000 notices for unexplained deposits post note ban

The Income Tax Department is set to issue notices to about 100,000 entities and individuals, who deposited huge cash in banks post demonetisation and whose tax returns have been picked for a detailed probe into suspected discrepancies, official sources said on Tuesday. In the first tranche, notices will be issued to 70,000 entities who deposited over Rs 50 lakh in cash in banks but chose not to file tax returns or respond to the relevant Income Tax Department advisories, the sources said. This action will be followed by the taxman issuing similar notices by next month to those individuals and entities who have made deposits between Rs 25 lakh and Rs 50 lakh post demonetisation. According to official data, accessed by PTI, 17,73,000 suspicious cases involving Rs 3.68 lakh crore have been identified by the taxman in 23.22 lakh bank accounts post demonetisation.