As per latest information available on Income Tax Site, Income Tax department has started sending notices to the person who has deposited money in the form of Specified Bank Notes i.e. in the form of 500 & 1000 rupee currency, in the specified period i.e. 10th November to 30th December 2016. And the cash deposited in there accounts is not in the line with their tax profile.
As per data available around 18 lakhs of assesses have been short listed for the initial checking. Income Tax Department has enabled online facility verify these transactions online to reduce the difficulties and cost incurred by the assesses. The details of Cash Transaction is available in the efiling login of the PAN holder in the link “Cash Transactions 2016” under “Compliance” section under the portal.
Email and SMS will also be sent to the taxpayers for submitting online response on the e-filing portal.