MUMBAI: Just 10 days after PM Narendra Modi’s announcement of removing old Rs 1,000 and Rs 500 currency denominations from legal tender, the income tax (I-T) department has started cracking the whip on people depositing large amount of cash.
ET has got hold of notice sent by I-T department of Siliguri, enquiring of cash deposits made by people in State Bank of Sikkim from November 12 – 14. "It's a genuine notice sent by us," Mr. Bhutia confirmed to ET.
In the notice dated November 18 – signed by Norbu Bhutia, deputy director of Income Tax (Investigation) at Siliguri unit – the concerned party has been asked to appear before the deputy director on (or before) November 25 to explain the source of deposits, along with
“supporting documentary evidence”.
“You may also produce the books of accounts along with bills/ voucher of documents which would be useful to explain the cash deposit,” the notice reads.
One such notice has been sent to a Gangtok-based company for making a cash deposit of Rs 4,51,000 on November 13.
The notice further reads that in case the person (or company) is assed to income tax, “then you shall also file ITR of last 2 years.
Bhutia’s notice has also clarified that in case of Sikkim subject holder, or Old settler, the supporting evidence should also be filed.
The notice states that in the wake of demonetisation of Rs 1,000 and Rs 500 denomination currency notes, the I-T department, under the ministry of finance, is examining the source of cash deposits of the above denominations.
ET has got hold of notice sent by I-T department of Siliguri, enquiring of cash deposits made by people in State Bank of Sikkim from November 12 – 14. "It's a genuine notice sent by us," Mr. Bhutia confirmed to ET.
In the notice dated November 18 – signed by Norbu Bhutia, deputy director of Income Tax (Investigation) at Siliguri unit – the concerned party has been asked to appear before the deputy director on (or before) November 25 to explain the source of deposits, along with
“supporting documentary evidence”.
“You may also produce the books of accounts along with bills/ voucher of documents which would be useful to explain the cash deposit,” the notice reads.
One such notice has been sent to a Gangtok-based company for making a cash deposit of Rs 4,51,000 on November 13.
The notice further reads that in case the person (or company) is assed to income tax, “then you shall also file ITR of last 2 years.
Bhutia’s notice has also clarified that in case of Sikkim subject holder, or Old settler, the supporting evidence should also be filed.
The notice states that in the wake of demonetisation of Rs 1,000 and Rs 500 denomination currency notes, the I-T department, under the ministry of finance, is examining the source of cash deposits of the above denominations.
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