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Demonetisation: Watch Out For Multiple Notices From Taxmen If You Deposited A Large Amount

The massive exercise could last till the end of the next financial year.

23/01/2017 10:13 AM IST | Updated 23/01/2017 11:38 AM IST
Danish Siddiqui / Reuters

The Income Tax Department is likely to send out multiple notices to people who deposited currency over ₹2 lakh rupees in their banks accounts following demonetisation, The Hindustan Times reported today.

The IT Department started sending notices to those who deposited currency over ₹2 lakh after 9 November. The massive exercise, which is aimed at distinguishing between "genuine" cases from the "fuzzy" sources of income, could last till the end of the next financial year, HT reported. The IT Department will initiate probes into suspicious transactions.

"While the tax department aims to send out all the notices by March, the next sets of queries will depend on their response. It could even vary from person to person," a senior government official told HT.

The newspaper further reported that the IT department would use risk-based data analytics to figure out between genuine and non-genuine cases of cash deposits, targeting even entry-level operators.

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