Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

I-T crackdown: Over 100,000, mostly HNIs, come under lens for AY12-13

Over 100,000 taxpayers across the country, particularly high networth individuals, have come under the scanner of the income-tax (I-T) department for the assessment year (AY) 2012-13. According to sources in the know, the department has issued notices under Section 148 of the I-T Act to reopen returns for scrutiny, saying some portions of income had escaped assessment.

The notices were issued mostly between March 15 and March 31, amid fear of revenue slippage. The last date for reopening the tax assessment for AY 2012-13 was March 31, 2019.

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