I-T dept may order reassessment if no response is given or the response is found to be unsatisfactory
Cash deposits made even before the Modi government's demonetisation drive that began in November last year are under the income tax (I-T) department's scanner, reported the Economic Times on Thursday.
According to the financial daily, income tax efiling sleuths have gone as far back as financial year 2011 in their hunt for suspicious cash deposits and sought explanations from the depositors in question. Further, the I-T department has sent notices to home buyers where the declared value of the purchase was found to be lower than the prices that prevailed in past transactions in that area.
In fact, according to the financial daily, income tax filing authorities have classified cases from FY11 as high priority since they would become time-barred soon. In case the tax sleuths don't receive a response regarding the cash deposits under their scanner or the response is not found to be satisfactory, they can order a reassessment.
According to the report, the I-T department has asked individuals and entities involved in the transactions in question to provide their permanent account numbers and the returns they filed for the financial year in question. → Efiling of Income Tax ←
The move comes at a time when the I-T department is moving ahead with concluding investigations into high-risk category individuals suspected of evading taxes. In an interview with Livemint, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said that his department would conclude its investigations into the financial dealings of close to 100,000 individuals who were suspected of tax evasion... Read Full Article
According to the financial daily, income tax efiling sleuths have gone as far back as financial year 2011 in their hunt for suspicious cash deposits and sought explanations from the depositors in question. Further, the I-T department has sent notices to home buyers where the declared value of the purchase was found to be lower than the prices that prevailed in past transactions in that area.
In fact, according to the financial daily, income tax filing authorities have classified cases from FY11 as high priority since they would become time-barred soon. In case the tax sleuths don't receive a response regarding the cash deposits under their scanner or the response is not found to be satisfactory, they can order a reassessment.
According to the report, the I-T department has asked individuals and entities involved in the transactions in question to provide their permanent account numbers and the returns they filed for the financial year in question. → Efiling of Income Tax ←
The move comes at a time when the I-T department is moving ahead with concluding investigations into high-risk category individuals suspected of evading taxes. In an interview with Livemint, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said that his department would conclude its investigations into the financial dealings of close to 100,000 individuals who were suspected of tax evasion... Read Full Article
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