Business Mantra News
- Income tax authorities are now monitoring the cash deposit prior to demonetization scheme. For this purpose they had divided the assessee in two parts.
- In first part, all those assesse covered who deposit from cash made in FY 2011. In this case, IT department have sought only explanation.
- In second part, homebuyers covered where declared value of property have been found much lower than the indicative prices or the value declared by the municipality in the area. In this case, Officers have sent notices to homebuyers & if found guilty then the difference between guidance value & declared value will be added as assessed income.
- If there is any explanation & response of notice have found unsatisfactory then a reassessment can be ordered.
- Officers are taking cases from FY 2011 on priority basis as it will soon become time barred.
- Main source of getting information are banks and financial institutions