 "income tax, I-T")
Why?
* They tried to regularise their unaccounted income by filing tax returns
What kind of cases are these?
* Cash in hand reported is significantly higher than the income declared in the previous years
* People who filed returns for the first time, reported cash in hand of Rs 5 lakh or Rs 10 lakh
What will be the action taken?
* Notices have been sent out by the tax department. If found to be a defaulter, he/she will face a penalty of 50%-200%
Demonetisation triggers higher returns
* E-filing of returns sees 21% growth up to August 1 at 23.3 million filers,
