oppn parties I-T Notices for Cash Deposits in 2016

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  • Crude prices fall sharply as Saudi Arabia assures normal production in a few weeks. Prices fall by 5.4% to $65.30 per barrel
  • Sensex tumbles 700 points over fears that rising crude prices will deal a body blow to the tottering Indian economy
  • As Rajeev Kumar fails to appear before the CBI despite several notices, the agency forms a special team to locate and apprehend him
  • S Jaishankar says Pakistan is not a normal neighbour and its behaviour is a "set of aberrations"
  • External Affairs Minister S Jaishankar says PoK in Indian territory and the country hopes to have physical jurisdiction over it one day
  • Barasat Sessions court near Kolkata rejects Rajeev Kumar anticipatory bail application citing lack of jurisdiction as the reason
  • PM Modi celebrates his birthday with Narmada aarti and later has lunch with his mother.
  • All 6 Bahujan Samaj Party MLAs merge with the Congress in Rajasthan
  • Bengal CM Mamata Banerjee to meet PM Modi on Wednesday, state issues on the agenda
  • Pakistan to open Kartarpur corridor on Nov 9
  • Rajeev Kumar, ex-police commissioner of Kolkata and wanted for questioning in the Sarada scam does not appear before the CBI despite the state administration requesting him to do so
  • Supreme Court asks the Centre to restore normalcy in J&K but keeping national interest in mind
  • As Trump accepts the invitation to attend a programme in Houston with PM Modi, India rushes to settle trade issues with US
  • After drone attack on Aramco's Suadi Arabia facility, oil prices jump 19% in intra-day trading causing worries for India
  • Imran Khan raises nuclear war bogey again, says if Pakistan loses a conventional war, it might fight till the end with its nuclear arsenal
Sunni Wakf Board and Nirvani Akhara write to the Supreme Court for a negotiated settlement to the Ayodhya dispute
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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.