The Income Tax Department has reportedly sent notices to about 1.16 lakh people and firms who deposited over Rs 25 lakh in old notes after demonetisation in 2016, and have not yet filed their returns. Another 2.4 lakh people who made deposits of between Rs 10 lakh and Rs 25 lakh after demonetisation have not filed their returns yet, but will get notices in the second phase say reports.
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