Recently, CBDT has issued Standard Operating Procedure (SOP) to the followed by the Assessing Officers in verification of Cash Transaction relating to demonetisation.
Post Demonetisation of Rs. 500 and Rs. 1000 notes on November 8, 2016 several malpractices has been noticed. The Income Tax Department is enquiring/seeking information and analysing instances of deposits to identify cases involving risk of tax evasion. Based upon vast amount of information of cash deposits collected and analysed by CBDT, a number of persons have been identified in those case the cash transactions did not appear to be in line with their profile available with the Income-Tax Department (ITD). In such cases, it has been decided to undertake on-line verification of select transcations through jurisdictional Assessing Officers (AOs).
Post Demonetisation of Rs. 500 and Rs. 1000 notes on November 8, 2016 several malpractices has been noticed. The Income Tax Department is enquiring/seeking information and analysing instances of deposits to identify cases involving risk of tax evasion. Based upon vast amount of information of cash deposits collected and analysed by CBDT, a number of persons have been identified in those case the cash transactions did not appear to be in line with their profile available with the Income-Tax Department (ITD). In such cases, it has been decided to undertake on-line verification of select transcations through jurisdictional Assessing Officers (AOs).
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