Black Money is the amount of income that people do not declare to or hide from the income tax department to avoid paying the full income tax.
Everybody who have not filed Income Tax Returns will be receiving a number of notices under section 142(1), 148, 153A, 144A, and 143(2).
8th November, 2016 is a day that most people who have unaccounted income will want to forget because on this day, the Government of India declared its ban on the Rs.500 and Rs.1,000 notes.
This de-monetization has created a lot of problem for black money hoarders and they should get ready to face penalties as per the Income Tax Act, if they are caught.
The ban on Rs.500 and Rs.1,000 notes has forced everyone in the country to exchange or deposit their cash in banks. During this process, people have to show their ID Proof to the banks. If someone is found exchanging or depositing unaccounted cash in his/her bank account, then he/she will most likely face an enquiry from the Income Tax Department.
People who have never filed ITR (Income Tax Return) should be ready to receive the following notices if they are thinking of depositing unaccounted money in banks:
People who have filed ITR, but have not declared the full amount that they have actually earned should be ready to receive the following notices:
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
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