The Income Tax Department has released notice to leading automobile dealers throughout India asking to provide information of all those who booked an automobile after November 8, the day Prime Minister Narendra Modi informed about withdrawal of Rs 500, 1000 notes.
Vehicle dealerships who have revealed high bank deposits and high sales estimates in November after demonetization have been asked by the Income Tax department to submit information of their clients. The income tax department is not only targeting high-end car clients but every car buyer who got house a new vehicle after November 8.
The income tax department has actually notified car dealers that after analyzing the list of consumers, I-T authorities will begin providing tax notifications to these clients in between 1-15 January.
Automobile dealers have presently started sending the asked information to the department.
“I-T authorities had given notice to us, seeking details of all clients. They wanted to inspect our back dated entries. The department feared that there might be consumers who had utilized their black loan to buy automobiles by November end, however dealerships may have revealed back dated entry of before November 8,” a source from one the car dealers stated.
I-T authorities have validated that “such notices have been sent to car dealers across the nation, after seeing high sales figures for the month of November and their bank deposits for that month.”
