I-T slaps notices to 116,000 individuals and firms

After demonetization and cash ban last year, Income Tax department has sent notices to 1lakh 16 thousand individuals and firms for depositing 25 lakhs in the accounts and not filing the returns afterward. Income Tax department has asked them to file the returns within next 30 days or they will be served by another notice and will be prosecuted strictly for violating Income Tax laws.