The Income Tax Department will initiate recovery of tax along with penalty from approximately 65,000 assessees who deposited Rs.10 lakh or more in their bank account during demonetisation, but did not file return for the assessment year 2017-18 (financial year 2016-17). These 65,000 plus are part of nearly 3 lakh non-filers with large deposit. After getting notice from the tax department, nearly 2.1 lakh filed their return by March 31, 2018, while other nearly 25,000 only responded after that.
Tags : Income Tax
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