Black money chase: Don't panic if you receive a tax notice

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The government has asked banks to provide information to the Income-Tax (I-T) Department about savings accounts where deposits have exceeded Rs 2.5 lakh (Rs 12.5 lakh in the case of current accounts) after November 8. If the deposits are higher than past levels or deviate significantly from what a person’s savings are expected to be, based on the I-T returns he has filed in the past, he could receive a notice from the tax department. As the government has gone into overdrive against black money, many more notices are expected this year.
 
Type of notice received
 
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