Income Tax: Notice To Unaccounted Cash Depositors In The Benami Act

Income Tax: Notice To Unaccounted Cash Depositors In The Benami Act, investigation and Bank transactions

Income tax department has started knocking the doors of people who have put unaccounted cash in Bank during the Notebandi in 2016. Based on the Benami Act, the Revenue Department has sent notice to 10000 people in the first stage to disclose the source income. Department also sent notice to people who are in the second list in coming weeks.

Notebandi was done on 8th November, After that maximum money comes back into the banking system. Though maximum cash back to the banking system but it is linked to people. This information is vital for the investigation in the future.

Amit Maheshwari, a partner of Ashok Maheshwari and Associates, said, "In case of the cash deposits which were suspected to be the inaccuracy of the income tax, the Benami notices have now been sent. Right now, the focus is seen on big transactions, but these notices mean that the tax evasion of those who can be tax evaded.

IT department is using Big Data Analytics to get the information. They are exploring phone calls, credit details, tax structure, pan details, and social platform as well.

Earlier, the tax department had issued notices to alleged tax evaders and raided their properties. In many cases, notices were sent to those who possessed anonymity property, who were drivers or their relatives of some rich people. It may be that these rich people have purchased property in their name to avoid tax on income.