Cash deposit in excess of Rs 2.50 Lakh may attract Tax Penatly

By | November 10, 2016
(Last Updated On: November 10, 2016)

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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  1. Pingback: Cash Deposit more than Rs 250000 – Income Tax Notice u/s 133 for enquiry | Tax Heal

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