Begin typing your search above and press return to search.
Income Tax radar on Deposits above Rs 2.5 lakh
By: Tupaki Desk | 10 Nov 2016 6:13 AM GMT
All the 130 crore Indians have been talking about Currency exchange now. GOI has already made it clear that exchange and deposit of old notes could be done till December 30th.
IT Department informs Farmers and Housewives needn't worry even if they deposit up to Rs 2.5 lakh of Rs 500 and Rs 1000 notes. No tax will be levied on them even if Rs 2.5 lakh was deposited.
However, Other sections of people can't escape IT radar if their deposits exceed Rs 2-3 lakh mark. Income Tax Department will be focusing on those individuals who have deposited more 2.5 lakh in their bank accounts between November 10th to December 30th. IT Sleuths will obtain all the records of such people to tally if the deposited amount matches to the IT Returns filed by them. If they find any irregularities, A penalty of 200 percent will be imposed on them as per Income Tax Act 270 (A).
Officials says most of the old currency available with the people will be exchanged within 3 to 4 weeks.
IT Department informs Farmers and Housewives needn't worry even if they deposit up to Rs 2.5 lakh of Rs 500 and Rs 1000 notes. No tax will be levied on them even if Rs 2.5 lakh was deposited.
However, Other sections of people can't escape IT radar if their deposits exceed Rs 2-3 lakh mark. Income Tax Department will be focusing on those individuals who have deposited more 2.5 lakh in their bank accounts between November 10th to December 30th. IT Sleuths will obtain all the records of such people to tally if the deposited amount matches to the IT Returns filed by them. If they find any irregularities, A penalty of 200 percent will be imposed on them as per Income Tax Act 270 (A).
Officials says most of the old currency available with the people will be exchanged within 3 to 4 weeks.
