Cash deposit in excess
Cash deposit in excess of what is shown in return will attract penalty of 200%.
Government will get report of cash deposited in bank accounts above limit of Rs 2.5 lakh during 50-day window ending Dec 30 said Revenue Secy. Tax plus penalty of 200% will be levied on cash deposited in bank accounts but not matching with income declared.
Income Tax department alerts units to keep vigil on suspicious movements of huge cash and bullion in wake of the Note Ban.
So, beware before depositing money in your Bank Account.
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