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Govt “Chases” 80,000 Individuals for Making Large Cash Deposits During Demonetization
November 19, 2018
As many as 80,000 people are being chased by the income tax (IT) department for making suspicious large cash deposits, Sushil Chandra, chairman of the Central Board of Direct Taxes (CBDT) said.
During demonetization which took place between November 8 to December 30 in 2016, around 23 lakh individuals deposited large sums of cash in banks and were contacted by the IT department. The majority of them then filed their income tax returns. 3 lakh individuals didn’t respond but eventually filed the IT returns after the department served them statutory notices. Now, only the cases of 80,000 individuals are yet to be resolved.
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