Surat/Ahmedabad: Income Tax department office in Surat has issued notices to around 1200 persons with a list of 20 questions. The notices are sent to those 1200 who have deposited over Rs 1 crore in old notes after demonetization of Rs 500 and Rs 1000 currency notes announced by Prime Minister on November 8.

Income Tax department has found that there were only 55 persons in Surat who had shown annual income of Rs 1 crore or above, but now as many as 1200 have deposited over Rs 1 crore amount in their bank account. While this figure is limited only to nationalized bank accounts, the details of private and cooperative sector banks are yet to arrive before the department. The total number of those who have deposited one crore or more post demonetization may cross even 2,000 mark.

Income Tax department’s Criminal Investigation Wing, Central Investigation Wing and State Investigation Wing are keeping vigil over deposited cash in old notes post demonetization. Notices are being issued to those who have deposited 1 crore or more cash post November 8 in old notes. Investigations across the state will be conducted by Ahmedabad based Director General of Investigation Wing of Income Tax department.

CBDT Chairman Sushil Chandra has ordered shifting of IT staff with lesser burden of work to Investigation Wing.

Surat had not more than 150 Income Tax payer in above Rs 10 lakh per year income slab previously. Notices are likely to be issued to those who have deposited Rs 10 lakh or more in cash post demonetization.

Those few who deposited Rs 10 crore or more have already faced searches and raids by IT sleuths in past weeks. Builder Piyush Nilkanth and Gutkha wholeseller Kanu Lallu Panwala in Surat are among them. While Piyush Nilkanth had deposited Rs 12 crore, Kanu Panwala had deposited Rs 11 crore in bak account post demonetization.

In its notice issued under IT Act 133(6) IT department has asked 20 questions in four pages. Source of cash, Pancard-ten number details, 2016-17 return details, advance-selling details, loan details, last year’s cash-on-hand and stock sell details, other bank accounts details are sought in 20-question notice.

DeshGujarat

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