I-T notices to 116,000 for cash deposits of over ~25 lakh

The Income Tax (I-T) Department has slapped notices on 116,000 individuals and firms who made cash deposits of more than ~25 lakh in bank accounts after the note ban, but failed to file returns by the due date, Central Board of Direct Taxes Chairman Sushil Chandra said. Besides, large cash deposits by people who have filed I-T returns are also under close scrutiny, he said. The tax department has combed as many as 1.8 million people who had deposited junked ~500 and ~1,000 currency notes of over ~2.5 lakh each after demonetisation.