Home / Business / If you’ve put more cash in bank than limit, check your PAN account You’ve got mail from IT dept.

If you’ve put more cash in bank than limit, check your PAN account You’ve got mail from IT dept.

The Income Tax department has stuck an e-notice, as it were, on your online income tax account. This is mandatory for anyone filing online returns which in turn is mandatory for anyone reporting more than Rs 5 lakh income. Some 18 lakh such notices have been issued so far. You would find it under the ‘Cash transactions 2016’ that flashes menacingly at you as you sign into your account with the help of your login ID which is your PAN.

The idea is to warn the crooks that they are on the radar of the department and that its claim of having built a formidable goldmine of information through banking and IT software is no empty boast. It is also a quiet nudge to the crooks to participate in the ongoing Pradhan Mantri Garib Kalyan Yojana (PMGKY) under which those who have deposited their ill-gotten demonetized notes can get away by paying a 50 percent tax and parking 25 percent of their deposits in a four-year non-interest earning deposit account.

There may be no cash deposits by you of the disagreeable, demonetized 500 and 1000 rupee notes between 10 November 2016 and 30 December 2016 or what you have deposited might not have so far excited the suspicion of the tax sleuths as yet. However, you are nevertheless urged by the website to keep reverting to it because who knows you may come under the IT radar till 31 March, 2017 after which the department would start sending formal notices. Some 60,000 out of 18 lakh citizens have already responded online. If their explanation washes with the department, they won’t be bothered further, but if it doesn’t they may get a formal notice post 31 March, 2017.


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