Page 33 - Income Tax Department
I-T lens on nearly 7 million non-filers who made high-value transactions
The department is in the process of sending notices to these non-filers to now account for their transactions and pay taxes
 "I-T lens on nearly 7 million non-filers who made high-value transactions")
New currency notes worth Rs 71 lakh seized in Karnataka
I-T officials have seized new currency notes worth Rs 5 cr so far from Karnataka and Tamil Nadu
 "New currency notes worth Rs 71 lakh seized in Karnataka")
Penalty on unexplained high deposits likely even before tax returns are filed
I-T Department may slap a hefty 200 per cent penalty on unexplained high cash deposits in banks even before annual income tax returns are filed so as to prevent black money being converted into white during the 50-day window provided for turning in the junked Rs 500/1000 notes, a Finance Ministry official said. It is also collating data on spurt in deposits in zero- balance Jan Dhan accounts and will slap a 200 per cent penalty on unexplained high value cash deposits, he said. After withdrawing old 500 and 1000 rupee notes, the government has allowed the banned notes to be deposited in bank accounts or exchanged for new legal tenders till December 30. This has led to cash balances popping up in millions of Jan Dhan accounts, opened under a government scheme for beneficiaries to get their entitlements like LPG subsidy. "Tax Department is collating data on spurt in Jan Dhan accounts. It will analyse all data and impose tax plus a 200 per cent penalty in cases of ...
 "Penalty on unexplained high deposits likely even before tax returns are filed")