11 days have passed since PM Narendra Modi announced the removing Rs 500 and Rs 1000 notes from legal tender. However the after effects of the decision is being felt now as the Income Tax department has sent a notice to a Sikkim based enterprise for depositing Rs 4.5 Lakh in just 3 days.
The concerned firm is Sikkim based Sitaram Enterprise. The notice claimed that the enterprise has deposited Rs 4.5 Lakh in cash from November 12 to November 14. Not only that, the notice from the IT department also sought an explanation from the enterprise for the same.
The firm was ordered to appear in the Siliguri Income Tax Department along with books of accounts alongwith the bills, vouchers to explain their case. Not only that the firm is also ordered to file a copy of their Income Tax Returns for the past two years. It seems problems galore for the Sikkim based firm as if they are found to avoid income tax, a penalty of 200% of the rate of their IT rate is in the offing.