PM Narendra Modi’s has announced demonetisation of old Rs 1,000 and Rs 500 currency on 8th November 2016 and after that there was lot of ways people started trying to covert their Black Money into White and one such way was using Bank account of others. Government is watching such development closely and to curb this hass issued a notification asking banks to report all cash deposit between 9 Nov to 30 Dec in AIR report on or before 31st January 2016.
In above background Yesterday there was a Income Tax notice, which was circulating on Whatsapp and on other social media channels regarding deposit of Cash in bank account by an Assessee namely M/s. Sitaram Enterprises from Sikkim.
Notice was in respect of cash deposit of Rs. mere 4,51,000/- in current account maintained by M/s. Sitaram Enterprises with State Bank of Sikkim from November 12 – 14 , which is far below the limit of Rs. 12.50 Lakh in current for AIR reporting notified by Government vide Notification No. 104/2016 dated 15.11.2016.
In his notice dated November 18 – signed by Norbu Bhutia, deputy director of Income Tax (Investigation) at Siliguri unit – the depositor has been asked to appear before the deputy director on (or before) November 25 to explain the source of deposits, along with supporting documentary evidence.
FUNNY REPLY TO ABOVE NOTICE CIRCULATING ON WHATSAPP ( Reply is just for fun and is neither by Taxpayer and nor the actual reply)
Image Sources- WHatsapp