CBDT sets 30 June deadline to dispose of demonetisation cases
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In its interim action plan for the first quarter of 2019-20, the Central Board of Direct Tax (CBDT) has instructed its officials to “dispose of all cases related to demonetisation where assessment is required to be framed”.
The CBDT had earlier identified 87,000 cases where assesses had not filed their responses to income-tax notices issued post the note-ban. It had sent out notices and emails to about 3 lakh people who had made high-value cash deposits in the days following the demonetisation announcement of November 8, 2016, but had not filed their I-T returns.
The tax department has also set a deadline of June 30 for filing of references before the National Company Law Tribunal for firms that have been “struck off” under the Companies Act.
The CBDT action plan, which will be in play until the department charts out the full-year outline, also aims to issue notices to non-filers of Statement of Financial Transactions (SFTs) under Section 285 BA of the Income-Tax Act by May 15 this year.
Under the provision, specified entities such as banks and mutual funds have to report and file Annual Information Returns of individuals carrying out high-value transactions.
The CBDT has also instructed its field formations to identify cases of violation of Section 269SS of cash payments of ₹5 lakh and above for 2016-17 and 2017-18, and also identify cases of undisclosed income as per section 50C and 56(2)(vii) relating to capital gains from sale of land and real estate by June 30.
Additionally, it has asked its field formations to look at issues relating to tax deducted at source and process cases of pending demand.#casnsaar (The Hindu Business)
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