oppn parties I-T Notices for Cash Deposits in 2016

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I-T Notices for Cash Deposits in 2016

By admin

About the Author

Sunil Garodia By our team of in-house writers.
Pic courtesy: the economic times (modified)

People are talking about the income tax missives that are flooding mobiles and inboxes of PAN card holders. These notices are informing people of the cash deposits of demonetized currency they made in their bank account or accounts between November 8 and December 31, 2016. It is asking them to log on to their accounts at incometaxindiaefiling.gov.in/e-Filing/ to verify and explain the same.

The process is totally online and extremely user friendly. One needs to log on to one’s account as above. Thereafter, one needs to click on the compliance tab and select the option cash deposits in 2016. Once there, the total deposits made by one during the period in all disclosed accounts with PAN will flash on screen. One first needs to verify whether these accounts relate to the PAN mentioned. Then one needs to verify whether the amount stated in each of the bank accounts is correct.

After one has verified that, one is taken to a screen where one needs to explain the source of the funds deposited. Here, one gets several choices:
1. Cash out of earlier income or savings
2. Cash out of receipts exempt from tax
3. Cash withdrawn out of bank account. Under this, one has to give details of accounts and the amounts withdrawn from each such account
4. Cash received from identifiable persons with PAN
5. Cash received from identifiable persons without PAN
6. Cash received from unidentifiable persons
7. Cash disclosed/to be disclosed under PMGKY

One can disclose the full amount under any of the above heads or break it under various heads as needed. Under each head, one has to give additional remarks explaining the reason. One has 10 days to submit the response to these notices. Since the whole process is online, one need not visit the I-T office or meets the Assessing Officer (AO).

Once this is done, one will receive further communication to inform if it has been accepted. If not, the department will ask for documents as proof. These documents will also be needed to be uploaded online initially. If still not accepted, then the person will get a scrutiny notice and will have to appear before the AO with all documents to explain in person or through counsel.

People are talking about the ease of it all and the attempt to prevent corruption by eliminating the needs to visit the I-T office. People are saying that the honest has nothing to fear from these notices and will be able to explain small deposits. It is those who have deposited huge sums whose accounts will be scrutinized that have to worry.