Income Tax Department Notices to People those who Deposit more than 2.5 Lakhs

If you are going to deposit more than 2.5 lakhs in your accounts, then here is bad news for you. Income Tax Department on Friday morning has come up with a new statement regarding depositing of more than 2.5 lakhs in accounts.

Coming to the details, IT Department has decided to send notices to those who had deposited more than 2.5 lakhs in their respective accounts. Under the act of I-T, the Income Tax Department through notices will ask account holders about proofs of money and in which way they got that money. However, Income Tax Department has already warned that their officials are focusing and observing the deposits that have crossed certain limit and money transfers in big accounts.

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As we know, the Central Government had recently clarified that till December 30, those who are going to deposit more than Rs. 2.5 lakh, then they must get PAN Card for verification. PAN card is mandatory if cash deposits in accounts exceed Rs. 2.5 lakh. Earlier the limit for cash deposit without PAN card was Rs 50,000 per transaction, and due to this a lot of candidates were depositing less than Rs 50,000 per day to avoid the PAN facility. To prevent this, later Government has issued a notice saying multiple deposits made between November 9 and December 30 will need a PAN card if the combined sum goes above Rs 2.5 lakh

Now, just ten days after the announcement of the ban on Rs 500 and Rs 1000 notes, I-T department has in full swing to track the people depositing an enormous amount of cash. Latest news is that Income Tax Department of Siliguri has sent a notice to the Gangtok-based organization for depositing money of Rs 4, 51,000 on November 13.

Signed by Norbu Bhatia, Deputy Director of Income Tax Dept at Siliguri Unit, the notice mentioned that, “The concerned has to come before the deputy director on or before November 25 and give the explanation about deposits along with supporting documentary evidence.”

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The notice from I-T department said that in the wake of demonetisation of Rs 1,000 and 500 currency notes, the Income Tax Department under the Ministry of Finance is examining the source of cash deposits.

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