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Friday, 11 November 2016

No need to panic on cash deposit of old notes : I.T dept is not going to chase every deposit.

Indian Military Veterans
Housewives, farmers and those whose annual income is within the tax exemption limit may not be hounded by tax authorities for depositing up to Rs.2.5 lakh of the now-defunct higher denomination currency notes in bank accounts, a top government official said today.
Click here to view the replies from Revenue Secretary
After withdrawing Rs500 and Rs1,000 notes from circulation, the government allowed individuals to deposit the same in their bank accounts till 30 December and get smaller denomination ones or new Rs500 and Rs2,000 bank notes.
These deposits, however, will be scrutinised to catch tax evaders and black money holders. But those falling within the income tax exemption bracket Rs2.5 lakh need not worry regarding their cash deposits in banks except for suspicious cases, the officialsaid.

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