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Tags archives: notices

Taxman is watching: I-T dept sends notices to those depositing huge cash

The income-tax department has issued notices seeking ‘sources of income’ of hundreds of individuals and firms who have deposited huge amounts of cash in banks after the government’s announcement to scrap Rs 500 and Rs 1,000 notes on November 8. Officials said the department has initiated a country-wide enquiry under Section 133 (6) of the Income Tax Act (power to call for information). The notices were issued after banks reported […]