More than 2 lakh people have been served tax notice for depositing more than 20 lakh in now invalid Rs 500 and Rs 1,000 notes. This was during the demonetization drive, which is seen as a major step to bring into accounts the big black money funds.
The income tax officials say that they are the people who have not responded to the multiple notices and have not filed returns. Catching the errant taxpayers in their net has been the priority by the income tax department this year.
Also Read: Demonetized currency of about 100 crores raided by Income Tax Department from businessman
After mining data, the government had identified 18 lakh suspicious deposits of Rs 5 lakh or more during the 2016 demonetization drive, of which 12 lakh had been verified through the income tax portal.
The Modi government has been severely criticized for carrying on the demonetization drive and the public unrest to an extent has been reflected in elections as well.
The criticism was also because around over 99% of the scrapped notes came back into the system, it has maintained that the exercise has provided it with enormous data and over the next year or two, it will go after those who have misused the scheme.
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