Up to 5,000 tax payers from Gujarat could receive notices from the Income Tax Department for depositing cash worth Rs 1 crore or more in their bank accounts after the ban on the old Rs 500 and Rs 1000 notes was imposed on November 8.
The I-T department has already started issuing notices to tax payers asking for their sources of income, sources said. 500 of these tax payers are from Ahmedabad, and 3,000 of them are from Rajkot.
"After demonetisation, (the) I-T department has sent notice(s) to more than 3000 tax payers in Rajkot only. Including Ahmedabad, Surat and Vadodara, total figure could cross to 5000,' Gujarat Congress CA Cell President, Kailash Gadhvi said.
While banks were supposed to share details large cash deposits after January 1, the I-T department in Gujarat has retrieved this information early.
A large number of I-T officers will be tasked with investigating the deposits during the first week of January.
Tax payers who fail to provide sufficient information on the sources of their income could be slapped with a penalty of up to 85 per cent.
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