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Income tax notice to those who bought car after 8th Nov

After a series of raids across the country following demonetisation, the Income Tax Department is now taking a close look at car sales that were made after November 8.

Car dealers across the country have been asked to share details of those buyers who made purchase after Prime Minister Narendra Modi made the big demonetisation announcement in a live TV address.

I-T officials, in fact, plan to issue tax notices to these customers between 1-15 January.

“I-T officials had given notice to us, seeking details of all customers. They wanted to check our back dated entries. The department feared that there might be customers who had used their black money to purchase cars by November end, but dealers might have shown back dated entry of before November 8,” a source from one of the car dealers said.

Auto dealers have already started providing the details of the customers to the Income tax Department after they received the notice.

The Income Tax Department sent the notices to car dealers across the country, after it noticed a high rise in sales figures during November, according to IT officials.

Source Credit : http://www.businesstoday.in/

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