Notices issued to 3,500 PAN card holders

Sushant Ranjan
Wednesday, 17 January 2018

Pune: The Income Tax Department has sent notices to 3,500 assesses (PAN card holders) in Pune city for not filing I-T returns after demonetisation. The people, who deposited more than Rs 50 lakh in banks during demonetisation but didn’t file I-T returns, have been issued notices. They will be given time till March 31 to file their reply.

Pune: The Income Tax Department has sent notices to 3,500 assesses (PAN card holders) in Pune city for not filing I-T returns after demonetisation. The people, who deposited more than Rs 50 lakh in banks during demonetisation but didn’t file I-T returns, have been issued notices. They will be given time till March 31 to file their reply.

A senior official of the I-T Department said, “During the demonetisation, 3,500 people in the city and around 12,500 in Pune region have deposited amount more than Rs 50 lakh in banks. But they have not filed a return in the current financial year 2017-18. We have already started sending notices to them and said if they do not file return till March 31, 2018, the amount will be automatically declared as undisclosed amount under ‘Operation Clean Money’. The notices have been started from last week of December 2017.”

The officer claim that these assesses have deposited heavy amount in the different cooperative banks in the region. “We have the list of each account holders. The assesses have deposited less amount in the nationalised banks. The list does not include salaried accounts,” he added. 

Post demonetisation, the I-T Department has started assessments of each account. The department also asked the banks to provide details about amount deposited above Rs 2 lakh during this period. The banks, which include nationalised and cooperative, started providing details of the account where amount more than Rs 2 lakh were deposited. During assessments, the I-T officials have found that amount was much higher than expectations.

As part of the Operation Clean Money initiated by the Income Tax Department, 1.16 lakh notices under Section 142(1) of the Income Tax Act are being issued to non-filers who deposited Rs 25 lakh or more in cash during demonetisation but failed to file their return of income by the due date. Under Operation Clean Money, 17.73 lakh suspicious cases were identified involving Rs 3.68 lakh crore in 23.22 lakh bank accounts

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