Income Tax Department

Income Tax Department starts sending notices to people who deposited 500 & 1000 notes

8th November is a sad day for the rich who got richer by skipping tax. Narendra Modi government banned existing Rs 500 and Rs 1000 notes, which forced people to deposit their currency in their banks accounts. Well this did not stop their, once the currency was deposited Income Tax Department are on a hunt for these currency depositors.

Income tax department has sent a notice to Sitaram Enterprises to explain their cash deposit of Rs 4,51,000/- on 13th November. Well this proves that government is not going to spare tax defaulter. The notice specifies the cash deposited and requests the owner of this enterprise to explain this deposit by appearing in personal at the IT Department. Below is the image of the notice that is being circulated in social media. So people be aware, if you deposit more than Rs 2,50,000/- Income Tax Department would love to interact with you. Read more on Demonetization.

Income Tax Department starts sending notices to people who deposited 500 & 1000 notes
1 Comment

1 Comment

  1. Praveen Aggarwal

    November 19, 2016 at 9:54 pm

    a) Can you please explain whether there is any State Bank of Sikkim in our country
    b) Are you not aware that Income Tax has recently issued new regulations wherein IT Department has asked Banks to furnish information regarding cash deposits for more than Rs.2.5 Lacs (Saving Account) and Rs.12.5 Lacs(Current Accounts) during 9 Nov 2016 till 30 December 2016. This information is supposed to be furnished by Banks to IT Department before 31 Jan 2017.
    c) Basis point (b) above, how can any Income Tax Dept issue such notice when they will get this information by 31 Jan 2017 only
    d) There is no PAN number given in this IT notice shown
    e) There is no Income Tax Section given in the IT notice shown, under which IT has sent notice to this entity

    Hence, above is fully fake letter and is to create unnecessary fear/trouble. We should always do our due diligence in such matters before publishing

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