Income Tax Department sends tax notices to 50,000 people

Apr 17 2018 06:52 PM
Income Tax Department sends tax notices to 50,000 people

The Income Tax Department is constantly campaigning against corrupt bank account holders. In this case, the Income Tax Department has seized a number of corrupt property by examining several mutual funds and many other sources. According to the news published in the English newspaper, the number of total notices sent has not yet been received, but according to an Income Tax Officer, this number can be around 50,000. The department is examining these people's old transactions, sources of income etc.     

The department is now preparing the ground for action against people possessing corrupt property holders. In this case, the Income Tax Department has sent notices to many nominees of mutual fund holders, wives of High Networth Individuals (who do not file income tax) and NRIs who sell real estate properties in the last few years. The notice has also been sent to those who deposit more than Rs 1 lakh in banks during the note-taking. 

The most important thing about the income tax department's notice is that the notice has been sent to people who deposited a relatively small amount in the bank during the note-taking. In some cases, notice has also been sent to people who deposit up to Rs 1 lakh. However, sources in Income Tax Department say that notice has been sent to such people only after seeing a particular pattern. In many cases notices have been sent to drivers, wives and relatives of many rich people.

The department is suspicious of buying corrupt property in the name of these people and not paying tax on them.  Prosecution notice was sent to all 50,000 people who came under suspicion, which means that they may have to pay a fierce penalty when convicted of these people. In such cases, the accused was left only after filling the fine. Notices were sent to these people after checking the data of these people. The department is trying to find out the transactions of corrupt and disputed transactions, so the notice in which case is also suspected is sent. 

The Income Tax Department has also sent a notice to people who have sold properties in the last few years. These people may have to pay a strong penalty. Experts say that the notice has been sent to those people whose income tax department is suspected during the assessment. In earlier cases, taxpayers would have missed the fine, but now they may have to go to jail. For this reason, there is a panic in people receiving notice.

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