Notice from Income Tax to Taxpayers : Intimate Cash in Hand on 08.11.2016

By | November 16, 2016

People are receiving notice u/s 133(6) of Income Tax to intimate them Cash in Hand as on 31st March, 2016 and 8th November, 2016.

Extract from Notice:

SUB: Request for information u/s 133(6) regd

You may be aware that Government of India vide their Notification dated 8 November 2016 have withdrawn the Legal Tender status of INR 500 and INR 1,000 denominations of banknotes issued by the Reserve Bank till 8 November 2016. This is necessitated to tackle counterfeiting Indian bank notes. to effectively nullify black money hoarded in cash and curb funding of terrorism with fake notes.

2. It is clear that from midnight of 8 November 2016, no one can indulge in cash transactions in this currency except depositing the same In Banks. These Bank deposits shall also be part of in-depth scrutiny by the department after 30th December 2016. Therefore, you are advised not to deal with in above denominations by either accepting cash or paying in cash for any of your activities after 8 November 2016 .

3. In the backdrop of this demonetization of old currency notes, the department is also aware of the pressure or temptation that may be there on Trusts and Societies, to accommodate others, As a preventive measure. you are hereby requested to submit cash balances as per your books of accounts of all the institutions being run by you as on 31.03.2016 and as on close of 08.11 2016, to this office.

4. Same may be sent by way of postal letter, fax or on the email address mentioned above latest by 18.11.2016 (5 PM). No personal visit is required.

 

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