IT Deptt Issuing Notices In About 20,000 Cases Of Huge Deposits08 November, 2017, By Cross Town News
Jammu, Novemver 07: Income Tax Department has started issuing notices, who had deposited huge cash in the banks post demonetization. Even over 1500 cases of wrong deduction on interest paid on education loan have been picked up for detailed scrutiny and launch of prosecution.
The department is of the opinion that there are large number of individuals and traders, who are still outside the brackets of tax and they need to be made assessees either by way of generating awareness or through some strong action if need arises.
Department has also identified certain such cases for launch of prosecution under Section 276C of the Income Tax Department (willful attempt to evade tax).