The Income Tax department has started to send notices to people on excess cash deposits at banks post demonetisation of Rs 1,000 and Rs 500 denomination currency notes. The notices are sent on account of income mismatch with the cash deposits at the banks.
The notices are to summon the people having income mismatch with the cash deposits. The people are summoned by Income Tax department for interrogation. The people who have been sent notices are expected to produce the book of accounts along with bills/voucher or documents which are useful to explain the cash deposits at the banks.
People have also been told to file the copy of last two year’s ITR. People are also advised to produce all the other documents which support the income in comparison to the cash deposits.
Earlier, Prime Minister Narendra Modi on November 8 announced the withdrawal of Rs 1000 and Rs 500 notes in an attempt to curb black money.