Govt says deposits above Rs 2.5 lakh to be taxed: Your 4 questions answered
8 years, 4 months ago

Govt says deposits above Rs 2.5 lakh to be taxed: Your 4 questions answered

Hindustan Times  

Cash deposits above Rs 2.5 lakh could attract tax and penalty and authorities might take away 90% of your money if there is an income mismatch, according to a government decision on Wednesday. Revenue secretary Hasmukh Adhia answers the four frequently asked questions: Read: Rs 500, Rs 1000 notes scrapped: 25 things RBI wants you to know A lot of small businessmen, housewives, artisans, workers may have some cash lying around as their savings at home. Read: Highlights of PM Modi’s speech Will the income tax department be getting reports of cash deposits made during this period? Suppose the department finds that huge amount of cash above Rs 10 lakh is deposited in a bank account, which is not matching with the income declared, what would be the tax and penalty to be paid on the same?

Tax Income Department Lakh Pan Cash Deposits Rs 500 Cash Deposits  answered  deposits  lakh  taxed  rupee  questions  small  income  cash  rs  500  department  25  tax  govt

History of this topic

Income tax rule: How much cash can you receive in your bank savings account in one financial year to avoid I-T notice?
3 months, 1 week ago

Income tax rule: How much cash can you receive in your bank savings account in one financial year to avoid I-T notice?

Live Mint  

Income tax rule: Have you ever considered how much cash you can deposit and withdraw in your bank savings account in a fiscal year to avoid being investigated by the income tax authorities? Personal finance experts say that as per income tax regulations, the total cash deposits or withdrawals in a savings account during a financial year should not exceed …

Transactions seen as red flags by Income Tax Department; can send tax notice
1 year, 6 months ago

Transactions seen as red flags by Income Tax Department; can send tax notice

Live Mint  

Many taxpayers are dreading after some people complained on their social media handles of getting Income Tax notices. Several factors could lead to the department issuing a notice to an account holder depositing more than Rs 10 lakh in cash within a fiscal year. If a payment exceeding Rs 1 lakh is made in cash towards your credit card bill …

Income tax: These 5 cash transactions may attract I-T notice. Details here
3 years, 3 months ago

Income tax: These 5 cash transactions may attract I-T notice. Details here

Live Mint  

Income tax department has become highly vigilant against cash transactions these days. Advising taxpayers to report high value cash transaction in one's income tax return ; Amit Gupta, MD at SAG Infotech said, "If an individual makes high-value cash transactions, there are chances that he or she might get a notice from Income Tax Department. On top 5 cash transactions …

I-T department assuages probe concerns, says not to question deposits up to Rs 2.5 lakh
8 years, 1 month ago

I-T department assuages probe concerns, says not to question deposits up to Rs 2.5 lakh

Firstpost  

The department has accumulated a large data on deposits made in banks after the government banned old Rs 500 and Rs 1000 notes on November 8 The Income Tax department has said no questions will be asked about deposits of up to Rs 2.5 lakh and only those accounts will be probed that do not match the tax returns. The …

No questions to those depositing up to Rs 2.5 lakh, clarifies I-T
8 years, 1 month ago

No questions to those depositing up to Rs 2.5 lakh, clarifies I-T

India TV News  

Providing clarity on scrutiny of deposits made in banks post demonetisation, the Central Board of Direct Taxes on Monday said that no questions will be asked about deposits of up to Rs 2.5 lakh and only those accounts will be probed that do not match the tax returns. Using Big Data analytics, the Income Tax Department has segregated different kinds …

No final decision on taxing cash transactions above Rs 50,000, says government
8 years, 2 months ago

No final decision on taxing cash transactions above Rs 50,000, says government

Firstpost  

The Finance Ministry on Wednesday clarified that a final call on the recommendations of the panel of Chief Ministers, which includes a tax on cash transactions above Rs 50,000, is yet to be taken. New Delhi: The Finance Ministry on Wednesday clarified that a final call on the recommendations of the panel of chief ministers, which includes a tax on …

Report deposits above Rs 10 lakh a year, cash payment of over Rs 1 lakh on credit card: Govt tells banks
8 years, 2 months ago

Report deposits above Rs 10 lakh a year, cash payment of over Rs 1 lakh on credit card: Govt tells banks

India TV News  

In yet another measure related to the recent demonetisation, the government has asked banks to report deposits in any account aggregating Rs 10 lakh in a year, as well as cash payments of Rs 1 lakh or more on credit card bills. In a January 17 notification, the Central Board of Direct Taxes made it mandatory for a banking company …

Tax department asks banks to report cash deposits above Rs10 lakh
8 years, 2 months ago

Tax department asks banks to report cash deposits above Rs10 lakh

Live Mint  

New Delhi: The tax department has asked banks to report deposits in any account aggregating Rs10 lakh in a year, as well as cash payments of Rs1 lakh or more on credit card bills. It reiterated its November 2016 instruction asking banks to report all cash deposits of Rs2.5 lakh or more made in one or more accounts of a …

Demonetisation: Tax evasion suspected in Rs 3-4 lakh cr deposits post note ban
8 years, 2 months ago

Demonetisation: Tax evasion suspected in Rs 3-4 lakh cr deposits post note ban

Firstpost  

“We now have trunkloads of data, analysis of which shows that more than Rs 2 lakh was deposited in over 60 lakh bank accounts post demonetisation. A senior official said Income Tax Department has been asked to scrutinise details and send notices to depositors of of Rs 3-4 lakh crore on which tax could have been evaded. More than Rs …

Tax department asks banks to report pre-demonetisation cash deposits
8 years, 2 months ago

Tax department asks banks to report pre-demonetisation cash deposits

Live Mint  

New Delhi: Seeking to analyse the banking transactions in months before the demonetisation, the income tax department has asked banks to report cash deposits in savings accounts between 1 April to 9 November, 2016. Besides, banks have also been directed to ask the account holders, who did not furnished PAN or Form-60 at the time of opening bank account, to …

Suspected deposits worth Rs 4 lakh crore under IT lens, notices to be served to a/c holders to explain source: Report
8 years, 2 months ago

Suspected deposits worth Rs 4 lakh crore under IT lens, notices to be served to a/c holders to explain source: Report

India TV News  

In another firm step against black money hoarders, the Income Tax Department, based on estimates that unaccounted money worth Rs 4 lakh crore may have flown into bank accounts post demonetisation, is gearing up to serve notices to those who cannot explain the source of the money. According to a Times of India report, the data accumulated by the I-T …

Modi cabinet discusses income tax penalty on large deposits
8 years, 4 months ago

Modi cabinet discusses income tax penalty on large deposits

Live Mint  

New Delhi: The Narendra Modi cabinet on Thursday night is believed to have discussed amending laws to levy close to 60% income tax on unaccounted deposits in banks above a threshold after the demonetisation of high-denomination currency notes. People familiar with the matter said the government was keen to tax all unaccounted money deposited in bank accounts, which was allowed …

Modi govt steps up scrutiny of cash deposits in black money fight
8 years, 4 months ago

Modi govt steps up scrutiny of cash deposits in black money fight

Live Mint  

New Delhi: Even as the Narendra Modi government battles the opposition both inside and outside Parliament over demonetisation of high-value bank notes, it is stepping up scrutiny to prevent people from converting black money into legal tender. The income-tax department has made it mandatory to link the permanent account number to cash deposits of a certain value and lowered the …

Rs 500, Rs 1,000 banned: Here's how I-T sleuths are tightening the screws on evaders
8 years, 4 months ago

Rs 500, Rs 1,000 banned: Here's how I-T sleuths are tightening the screws on evaders

Firstpost  

Taxmen are watching closely to the extent that they have told jwellers to submit the CCTV footage In a move aimed to get cracking on black money hoarders and terror financiers by flushing out fake currency notes, the government starting midnight Tuesday decided to demonetise Rs 500 and Rs 1,000 currency denomination from the system. This is because the government …

Banks to report deposits over Rs 2.5 lakh in 50-day window
8 years, 4 months ago

Banks to report deposits over Rs 2.5 lakh in 50-day window

New Indian Express  

NEW DELHI: Moving quickly to plug loopholes, the Income Tax Department has asked banks to report all cash deposits exceeding Rs 2.5 lakh during the 50-day window provided to tender the now-defunct 500 and 1000 rupee notes. But in view of apprehensions that a large number of illegal or black money may sought to be converted into white during the …

Rs 500, Rs 1,000 ban: Deposits above Rs 2.5 lakh to face tax, 200% penalty on mismatch
8 years, 4 months ago

Rs 500, Rs 1,000 ban: Deposits above Rs 2.5 lakh to face tax, 200% penalty on mismatch

Firstpost  

New Delhi Further dangling the stick, government tonight warned that cash deposits above Rs 2.5 lakh threshold under the 50-day window could attract tax plus a 200 percent penalty in case of income mismatch. “We would be getting reports of all cash deposited during the period of November 10 to December 30, 2016, above a threshold of Rs 2.5 lakh …

Hyderabad: Taxman to keep close watch on all deposits
8 years, 4 months ago

Hyderabad: Taxman to keep close watch on all deposits

Deccan Chronicle  

Hyderabad: The income-tax department’s Financial Investigation Unit will keep an eye on deposits and exchange of Rs 500 and Rs 1,000 denomination currency notes from Thursday. A source from the I-T department said that the FIU would gather information of all deposits of more than Rs 2 lakh. Charted accountant P. Jitender Reddy said that the I-T department would issue …

Deposits not matching with tax returns to attract 200% fine
8 years, 4 months ago

Deposits not matching with tax returns to attract 200% fine

The Hindu  

Those who have deposited more than Rs 10 lakh in their bank accounts, not commensurate with their income tax returns, will have to pay tax and a 200 per cent penalty on the amount as laid out in the Income Tax Act, Revenue Secretary Hasmukh Adhia tweeted on Wednesday. “If cash amount of above Rs.10 lakh is deposited in a …

Deposits above Rs 2.5 lakh to be taxed, mismatch with income to draw penalty
8 years, 4 months ago

Deposits above Rs 2.5 lakh to be taxed, mismatch with income to draw penalty

Hindustan Times  

In another late night announcement, the government warned that cash deposits above Rs 2.5 lakh during the 50-day window to return 1000- and 500-rupee notes could be taxed while a 200% penalty would be applied to deposits that don’t match declared incomes. A man displays 500 rupee notes following Prime Minister Narendra Modi’s announcement banning 500 and 1000 rupees notes …

Discover Related