After the ban on old Rs 500 and Rs 1000 since 8th November, at least 5000 tax payers from Gujarat have deposited more than 1 crore in their bank accounts and all these taxpayers could soon notice from Income Tax department.
500 of these tax payers are from Ahmedabad, 3,000 from Rajkot and many of them have already received notices from I-T Department asking for their source of income.
"After the note ban I-T department has already started sending notice to 3,000 taxpayers in Rajkot, Ahmedabad, Surat and Vadodara and the total figure could cross to 5000" Gujarat Congress CA Cell President, Kailash Gadhvi said.
Banks were asked to share details of large cash deposits after January 1, but the I-T department in Gujarat has retrieved this information early.
A large number of I-T officers will be tasked with investigating the deposits in January.
Any of these taxpayers who fails to provide sufficient information on the sources of their income will be slapped with a penalty of up to 85 percent.