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I-T department sends notices to 1.16 lakh people, firms for not filing returns after demonetisation

They have been asked to file their returns within 30 days.

About 1.16 lakh people and firms who deposited over Rs 25 lakh in old notes after demonetisation in 2016 have received notices from the Income Tax department for failing to file their returns, PTI reported on Tuesday.

They have been asked to file their returns within 30 days, Central Board of Direct Taxes chairperson Sushil Chandra told PTI.

Chandra said that another 2.4 lakh people who made deposits of between Rs 10 lakh and Rs 25 lakh after demonetisation have not filed their returns yet, but will get notices in the second phase. Large cash deposits by those who filed their tax returns are also under scrutiny, he said.

The Income Tax Department has found 18 lakh people who deposited invalidated currency notes worth over Rs 2.5 lakh after demonetisation.

In August, the tax department had said that it was investigating cash deposits worth Rs 2.89 lakh crore that were made after demonetisation by 9.72 lakh people in 13.33 lakh accounts.

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