Demonetisation: I-T dept turns heat on NGOs, firms

November 20, 2016 10:29

As people across the country queue up to exchange notes of Rs 500 and Rs 1,000, the income tax department has turned the heat on individuals, small companies and NGOs run by tax-exempted trusts.

The department has been issuing notices to individuals and companies that deposited Rs 2.5 lakh or more, asking them to show the source as well as I-T returns for at least two years.

As for NGOs, the I-T department has asked them to show their cash balance as on March 31, 2016, and on November 8 when Prime Minister Modi announced the demonetisation.

"In the wake of demonetisation of Rs 1,000 and Rs 500, the I-T department is examining the source of cash deposits with banks. We have information that your company has deposited between November 8 and November 12 more than Rs 4.5 lakh in cash," said a notice sent to a company.

Notices have also been sent to all NGOs seeking details on cash balance.

"We got notices from the I-T department a few weeks after the Union home ministry cancelled the Foreign Contribution (Regulation) Act 2010 registration or asked for more documents. This follows information that many people are using NGOs to launder black money," Voluntary Action Network India (Vani) chief executive officer Harsh Jaitli said.

« Back to LIVE

TOP STORIES

India's Biggest Bow Arch String Girder

Glimpses of India's biggest Bowstring/Bow Arch Sting Girder installed by the Hindustan Construction Company on the Bandra-Worli Sea Link at 3.25 am, Friday, April 26, 2024.

IPL PIX: Punjab Kings beat KKR in record chase

IMAGES from the Indian Premier League match played between Kolkata Knight Riders and Punjab Kings in Kolkata on Friday.

'Stats are going out of the window'

'Very pleasing. Most importantly the win, cricket has turned to baseball isn't it? We're delighted with the two points.'

Jolt to MVA as Cong leader quits campaigning over zero Muslim candidate

In a letter to Kharge, Khan said he will not campaign for party candidates for the remaining phases of the Lok Sabha polls and is also resigning from the state Congress campaign committee.

NDTV earning jumps 59%, digital traffic up 39%

News broadcaster NDTV Ltd on Friday reported a 59 per cent jump in March quarter revenue as it expanded digital footprint, gaining a 39 per cent rise in traffic. Consolidated net loss of Rs 8.74 crore in January-March compared with loss...