Deposited over Rs 2 lakh after demonetisation? You may get multiple tax notices

January 22, 2017 18:07

People who deposited huge amounts of cash in their bank accounts after the Centres demonetisation exercise may get multiple notices from the Income Tax department through the rest of the year.

The department which has started sending notices to those who deposited currency over Rs 2 lakh after November 9 directed its officials to ensure that genuine cases are dissolved at the earliest. Probes would then be undertaken against those found to have fuzzy sources of income. The mammoth exercise could go on till the next financial year, sources said.

The first set of notices from the department will be sent out by the end of the financial year. Based on the response, taxmen will decide if they should conduct further investigation into the case. Several banks -- public as well as private -- will also receive queries about suspicious transactions.

« Back to LIVE

TOP STORIES

Let's not talk about the throw, it was not up to it: Neeraj Chopra

Neeraj Chopra won again, but not in the manner he would have liked to, and he had no qualms in admitting it.

Southwest Monsoon to reach Kerala on May 31 amid El Nino concerns

"This year, the Southwest Monsoon is likely to set over Kerala on May 31 with a model error of four days," the India meteorological department said on Wednesday.

In Pictures - Clinical Punjab Kings hand Rajasthan Royals fourth loss on the trot

Despite a well-tuned 48 from local hero Riyan Parag, Rajasthan Royals struggled against an array of accurate bowlers on a rather slow pitch, meandering to a sub-par 144 for nine against Punjab Kings in their IPL match in Guwahati on...

T20 creates the perfect form of cricket: Usain Bolt

It comes as no surprise when the world's fastest man Usain Bolt says that the fastest form of cricket is his favourite one and feels more fans in the Caribbean and world over will choose the T20 format over Tests going forward.

1 dead, 14 rescued after lift collapses in Rajasthan mine

Fifteen personnel of the public sector company got trapped in a mine Tuesday night when a cage used to carry the personnel fell down after a rope broke, police said.