NEW DELHI: The number of entities who have been served with IT notices for failing to explain big deposits in cash post-demonetisation has now risen to 1.16 lakh, with tax authorities now covering those who made deposits of Rs 25-50 lakh.Those who have been served notices have failed to file their I-T returns substantiating their income. The tax department had already slapped, as reported by TOI on December 7, notices to 70,000 entities who deposited Rs 50 lakh or above in old notes after demonetisation . In the second round, the tax department has decided to shift its gaze to the "errant" entities who made deposits of Rs 25-50 lakh in scrapped currency, and have chosen not to explain the source of the cash.More people are likely to get notices as the IT department plans to cover all those who have not filed their returns or not satisfactorily explained cash deposits in old notes of Rs 500 and Rs 1,000. Although the authorities have decided to focus, as reported by TOI, only on the " big fish" and will not extend the probe to those who have not been able to explain small deposits, the number of notices seems set to keep swelling

Source: Times of India November 28, 2017 23:15 UTC