Income Tax Troubles for People Deposited 15 Lakh During Demonetization

Income Tax Troubles for People Deposited 15 Lakh During Demonetization

People who have deposited 15 lakh rupees in their bank accounts during ‘Demonetization’ – are in trouble… Read on…

The Income Tax Department of India has just announced, during demonetization time – people who have deposited 15 lakh rupees and above are under government scanner. With an effect of this decision – 1.98 lakh bank account holders received notices from the Income Tax Department, those that have breached this mandate so far in the last two months. The Income –Tax Department has sent legal notices to people who have deposited an amount to the tune of 15 lakh and above in their bank accounts but failed to file their tax forms on the deposits they made since November 2016.

Income tax trouble for people deposited Rs 15 lakh or more during demonetization

Income Tax Troubles for People Deposited 15 Lakh During Demonetization

People who have received legal notices in this regard and not responded to them are subjected to heavy penalty and imprisonment as well.

Sushil Chandra, Chairman of Central Board of Direct Taxes in his press conference said, “Since November, about 3,000 prosecution cases have been registered over various tax crimes including evasion, delayed filing and abetment.”

The tech-savvy Prime Minister-Narendra Modi who has been pushing his dream project “Digital India” since ‘Day One’ of his tenure in his office has a brought a revolutionary change in the Income Tax department for the people to ease the process in filing their taxes via income tax ‘e-assessment.’ This is also known to exchequers as ‘e-filing’ or taxes online. This process helped people who come under tax brackets filing taxes by not going to tax office.

In a joint press conference of RBI and Tax-Department have stated, “Around 60,000 e-assessments were done in three months, a number that is expected to shoot tremendously in the future. Additionally, the number of point-of-sale (PoS) terminals – the debit/credit card swiping machines – in use doubled from 1.5 million to 3 million between November 2016 and November 2017, the first year post demonetization – both the number and value of PoS transactions shot up considerably during one year – i.e. November 2016 and November 2017.”

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