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 threshold for reporting of such transactions by banks. “Since AIR transactions get included in Form 26AS, by including cash deposits of the specified period the income-tax department has closed the loop on its massive exercise,” he said. Rakesh Nangia, managing partner at tax consultancy and advisory firm Nangia & Co., said the cumulative threshold of reporting deposits till Rs2.5 lakh is aimed at plugging an existing loophole. “Cash hoarders could have misused the existing rules by depositing an amount less than Rs50,000 on various occasions without quoting their PAN and exposing themselves to tax scrutiny,” he said, adding that the changes proposed by the tax department also put the onus on banks to ensure that they do not let non-compliant taxpayers get away.

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History of this topic

Tax changes in budget will increase bank deposits by ₹40,000-45,000 crore: DFS secretary M Nagaraju
1 month, 3 weeks ago

Tax changes in budget will increase bank deposits by ₹40,000-45,000 crore: DFS secretary M Nagaraju

Live Mint  

The finance ministry expects ₹40,000-45,000 crore to flow into banks as deposits from the various tax changes announced in the Budget, including raising the tax-free income level to ₹12 lakh, financial services secretary M Nagaraju said during a media interaction on various Budget proposals on Monday. Union Budget 2025, which finance minister Nirmala Sitharaman presented on Saturday, proposed an increase …

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 …

Govt raises PF threshold limit to Rs 5 lakh for earning tax-free interest
4 years ago

Govt raises PF threshold limit to Rs 5 lakh for earning tax-free interest

India TV News  

The government on Tuesday raised the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax exempt. In her Budget presented to Parliament on February 1, Finance Minister Nirmala Sitharaman had provided that interest on employee contributions to provident fund over Rs 2.5 lakh per annum would be taxed from …

CBDT launches tool for banks to ascertain TDS applicability rates on cash withdrawals
4 years, 8 months ago

CBDT launches tool for banks to ascertain TDS applicability rates on cash withdrawals

Live Mint  

New Delhi: The Income Tax Department has facilitated a new functionality for banks and post offices for them to calculate the TDS applicability rates on cash withdrawal of above ₹20 lakh in case of a non-filer of the income-tax return and that of above ₹1 Crore in case of a filer of the income-tax return. CBDT on Sunday said that …

Demonetization impact: Tax Department to send notices to 1.16 lakh depositors
7 years, 3 months ago

Demonetization impact: Tax Department to send notices to 1.16 lakh depositors

Op India  

While blind critics like Mr Vinod Dua may be crying hoarse in video after video, that demonetization has failed, black money got converted into white, the Income Tax Department has not let its gaze move away from the target. Last week we had reported how the IT Department had issued detailed guidelines to tax officers, which are to be considered …

Taxman slaps 1.16 lakh notices for suspicious cash deposits post demonetisation
7 years, 3 months ago

Taxman slaps 1.16 lakh notices for suspicious cash deposits post demonetisation

India TV News  

The Income Tax Department has slapped notices on 1.16 lakh individuals and firms which made cash deposits of more than Rs. 25 lakh in bank accounts post note ban but failed to file returns by the due date, CBDT Chairman Sushil Chandra said. "There are 1.16 lakh people who have deposited more than Rs 25 lakh in cash after demonetisation …

Black money battle: Income tax notices slapped on 1.16 lakh individuals for deposit over Rs 25 lakh
7 years, 3 months ago

Black money battle: Income tax notices slapped on 1.16 lakh individuals for deposit over Rs 25 lakh

Firstpost  

According to the official data, 17.73 lakh suspicious cases involving Rs 3.68 lakh crore have been identified by income tax dept in 23.22 lakh bank accounts post demonetisation New Delhi: The Income Tax Department has slapped notices on 1.16 lakh individuals and firms who made cash deposits of more than Rs 25 lakh in bank accounts post note ban but …

Unprecedented rise in tax compliance, highest unearthing of black money: Govt justifies demonetisation on one-year anniversary
7 years, 4 months ago

Unprecedented rise in tax compliance, highest unearthing of black money: Govt justifies demonetisation on one-year anniversary

India TV News  

Unprecedented rise in tax compliance, highest unearthing of black money: Govt justifies demonetisation on one-year anniversary Demonetisation has been a historic and multi-dimensional success, the government said in full-page ads on one year of demonetisation. Amid an ongoing war of words between the Bharatiya Janata Party-led central government and opposition parties over the impact of demonetisation as it marks one …

One year of demonetisation: I-T to issue 1,00,000 notices for unexplained deposits post note ban
7 years, 4 months ago

One year of demonetisation: I-T to issue 1,00,000 notices for unexplained deposits post note ban

India TV News  

The Income Tax Department is set to issue notices to about 100,000 entities and individuals, who deposited huge cash in banks post demonetisation and whose tax returns have been picked for a detailed probe into suspected discrepancies, official sources said on Tuesday. In the first tranche, notices will be issued to 70,000 entities who deposited over Rs 50 lakh in …

Over 1.75 lakh crore deposited post note-ban under govt's scrutiny: PM Modi in I-Day speech
7 years, 7 months ago

Over 1.75 lakh crore deposited post note-ban under govt's scrutiny: PM Modi in I-Day speech

India TV News  

Over 1.75 lakh crore deposited post note-ban under govt's scrutiny: PM Modi in I-Day speech Prime Minister Narendra Modi today said that over Rs 1.75 lakh crore deposited in banks post note-ban and more than 18 lakh people with disproportionate income are under government scrutiny Vowing to continue the crackdown on black money, Prime Minister Narendra Modi today said that …

Govt’s anti-black money drive pushes 1 crore people under tax net
7 years, 10 months ago

Govt’s anti-black money drive pushes 1 crore people under tax net

India TV News  

Govt’s anti-black money drive pushes 1 crore people under tax net The disclosure was made during a review meeting of the Revenue Department, chaired by Prime Minister Narendra Modi, here on Tuesday. The report further said that the ITR filing rose after the government launched ‘Operation Clean Money’ –involving e-verification of large cash deposits made during the demonetisation drive, making …

Demonetisation: Declare loan, credit card payments above Rs 2 lakh in cash in tax returns
7 years, 11 months ago

Demonetisation: Declare loan, credit card payments above Rs 2 lakh in cash in tax returns

Firstpost  

The changes made in ITR are an attempt to catch tax evaders, an official said. New Delhi: All cash payments of over Rs 2 lakh for paying loans and credit card bills during the 50-day period post demonetisation will have to be disclosed in the new one-page Income Tax return form. Besides providing for declaring income, exemption claimed and tax …

New ITR forms to seek details on cash deposits during demonetisation
7 years, 11 months ago

New ITR forms to seek details on cash deposits during demonetisation

Live Mint  

New Delhi: The tax department is including a new column in Income Tax Return forms for assessment year 2017-18 for obtaining details on cash deposits made by an individual during the demonetisation period between 8 November and 30 December 2016, people aware of the matter said. The new column will also be introduced in salaried individuals’ income tax returns form, …

Government Proposes To Cap Cash Transactions At 2 Lakhs, Introduces 40 Amendments
8 years ago

Government Proposes To Cap Cash Transactions At 2 Lakhs, Introduces 40 Amendments

Live Law  

The Government, on Tuesday, proposed to amend 40 Acts, including Companies Act, Employees Provident Fund, Smuggling and Foreign Exchange Act, TRAI Act and Information Technology Act, through amendments to the Finance Bill, reports PTI.One of the amendments proposes to cap cash transactions at Rs 2 lakh, instead of Rs 3 lakh as earlier proposed by Finance Minister Arun Jaitley. The …

Government Proposes To Cap Cash Transactions At 2 Lakhs, Introduces 40 Amendments
8 years ago

Government Proposes To Cap Cash Transactions At 2 Lakhs, Introduces 40 Amendments

Live Law  

The Government, on Tuesday, proposed to amend 40 Acts, including Companies Act, Employees Provident Fund, Smuggling and Foreign Exchange Act, TRAI Act and Information Technology Act, through amendments to the Finance Bill, reports PTI.One of the amendments proposes to cap cash transactions at Rs 2 lakh, instead of Rs 3 lakh as earlier proposed by Finance Minister Arun Jaitley. The …

Cash transactions over Rs 2 lakh to invite 100 pc penalty, govt makes fresh proposal in Finance Bill 2017
8 years ago

Cash transactions over Rs 2 lakh to invite 100 pc penalty, govt makes fresh proposal in Finance Bill 2017

India TV News  

Cash transactions over Rs 2 lakh to invite 100 pc penalty, govt makes fresh proposal in Finance Bill 2017 The proposals have been moved by the government in the form of amendments to the Finance Bill 2017 In a fresh measure that could impact the real estate, jewellery and the high-end luxury market, the government has proposed to lower the …

I-T Department warns black money hoarders of action, to be fined over 77% if caught
8 years ago

I-T Department warns black money hoarders of action, to be fined over 77% if caught

Firstpost  

After the 8 November demonetisation of Rs 500 and Rs 1,000 notes, the central government unveiled the PMGKY amnesty scheme from 16 December, 2016 to 31 March, 2017 for declaring unaccounted wealth and avoiding prosecution by paying a fine of 50 percent on the undisclosed income. **Bengaluru:**The Income Tax Department on Monday warned black money hoarders of punitive action if …

After demonetisation, Rs 6000 crore tax collected on unexplained cash deposits: SIT on black money
8 years ago

After demonetisation, Rs 6000 crore tax collected on unexplained cash deposits: SIT on black money

India TV News  

The Special Investigation Team on black money revealed on Friday that after demonetisation, the central government has collected around Rs 6,000 crore as tax on unexplained cash deposits so far. The SIT Vice-chairman, however, refused to give an estimate of the tax that is likely to be collected from unexplained cash deposits as a fallout of the ‘note ban’ although …

New agency to probe anomalies in Income Tax returns filed post demonetisation
8 years, 1 month ago

New agency to probe anomalies in Income Tax returns filed post demonetisation

The Hindu  

There is a move to set up an agency to investigate anomalies in income tax returns filed by 18 lakh people after demonetisation, Union Minister Radha Mohan Singh said on Wednesday. Post demonetisation, ₹15 lakh crore was deposited in banks, he said. “As many as 18 lakh people have filed income tax returns showing their income as ₹12 lakh but …

Government extends reply date for IT queries on deposits till February 15
8 years, 1 month ago

Government extends reply date for IT queries on deposits till February 15

India TV News  

The government of India today extended the time limit for assessees receiving SMS or e-mail queries from the income tax department on cash deposits post demonetisation by 5 days to February 15. Now you can file your details by February 15, 2017, #Operation Clean Money," the I-T department said in a tweet. On January 31, the tax department had launched …

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 …

Post note ban deposits cross Rs 10 lakh crore mark, IT Dept readies action plan to spot black money holders
8 years, 1 month ago

Post note ban deposits cross Rs 10 lakh crore mark, IT Dept readies action plan to spot black money holders

India TV News  

The deposits made in old Rs 500 and Rs 1000 notes within the 50-day demonetisation window provided by Prime Minister Narendra Modi have crossed the Rs 10 lakh crore mark. A total of 18 lakh bank accounts with over Rs 5 lakh deposits each have been circled out by the tax department. CBDT Chairman Sushil Chandra said 10 days' time …

Union Budget 2017: Cash transaction above Rs 3 lakh is banned
8 years, 1 month ago

Union Budget 2017: Cash transaction above Rs 3 lakh is banned

Deccan Chronicle  

New Delhi: Coming down on black money, Union finance minister Arun Jaitley on Wednesday said that no cash transaction over Rs 3 lakh will be permitted. Finance minister said that in the recent past, there have been instances of big time offenders, including economic offenders, fleeing the country to escape the reach of law. Government is therefore considering introduction of …

Post-note ban, 18 lakh depositors under Income Tax scanner
8 years, 1 month ago

Post-note ban, 18 lakh depositors under Income Tax scanner

Deccan Chronicle  

Thane: As much as 16.51 per cent cash deposits out of the total 1.09 crore deposits made across the country during the demonetisation period were now under the scanner of Income Tax department, officials said on Wednesday. Addressing a press meet in Thane, Principal Commissioners of I-T, Thane, Sri Krishna and Pramod Kumar said notices were being sent to 18 …

Govt yet to take final call on taxing cash deals above Rs 50,000, says FinMin
8 years, 2 months ago

Govt yet to take final call on taxing cash deals above Rs 50,000, says FinMin

India TV News  

The government is yet to take a final call on the recommendation of the high-powered chief ministers’ panel to levy a Banking Cash Transaction Tax on cash deals of Rs 50,000, the Finance ministry said today. The panel said the government must tax cash transactions above Rs 50,000, abolish banks' interest on credit card transactions, give tax refund to consumers …

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 …

Deposits made before 1 April 2016 can be declared under Garib Kalyan Yojana
8 years, 2 months ago

Deposits made before 1 April 2016 can be declared under Garib Kalyan Yojana

Live Mint  

New Delhi: Deposits in bank accounts made before 1 April 2016 can also be declared under the Pradhan Mantri Garib Kalyan Yojana —the second income disclosure scheme introduced by the National Democratic Alliance government in 2016-17 to give holders of unaccounted wealth a chance to come clean. Under the scheme which closes on 31 March, a declarant of undisclosed income …

I-T suspects Rs 3-4 lakh crore evaded income deposited in banks post note ban
8 years, 2 months ago

I-T suspects Rs 3-4 lakh crore evaded income deposited in banks post note ban

India TV News  

I-T suspects Rs 3-4 lakh crore evaded income deposited in banks post note ban The government’s analysis of bank deposits post-demonetisation so far show an estimated Rs 3-4 lakh crore of tax-evaded income deposited in old notes during the 50-day window provided to get rid of junked Rs 500/1000 notes. A senior official said the Income Tax Department has been …

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 …

97% banned notes said to be deposited in banks in blow to Modi’s black money fight
8 years, 2 months ago

97% banned notes said to be deposited in banks in blow to Modi’s black money fight

Live Mint  

New Delhi: Indians have deposited nearly all the currency bills outlawed at the end of the deadline last year, according to people with knowledge of the matter, dealing a blow to Prime Minister Narendra Modi’s drive to unearth unaccounted wealth and fight corruption. Banks have received Rs14.97 trillion as of 30 December, the deadline for handing in the old bank …

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 …

Criticism from public, Opposition forces RBI to lift cap on Rs 5,000
8 years, 3 months ago

Criticism from public, Opposition forces RBI to lift cap on Rs 5,000

Deccan Chronicle  

New Delhi: The Reserve Bank of India withdrew its Monday’s circular for banks to question those depositing more than Rs 5,000 in junked currency, as the move had quickly led to mounting criticism both from the public and Opposition parties. The circular had diluted the government’s earlier assurance that banks would accept old Rs 500 and Rs 1,000 notes — …

‘Demonetisation’ likely to fetch government Rs 2.5 lakh crore, says BRICS bank chief
8 years, 3 months ago

‘Demonetisation’ likely to fetch government Rs 2.5 lakh crore, says BRICS bank chief

India TV News  

BRICS bank President M V Kamath has said that Prime Minister Narendra Modi’s decision to demonetise Rs 1000 and Rs 500 notes is likely to fetch the Indian government around Rs 2.5 lakh crore. Talking to The Economic Times, Kamath, the former ICICI bank chairman, said that a lower interest rate regime for a prolonged period, better tax compliance, and …

Demonetisaton: Over Rs 11 lakh cr deposits enter banking system till Nov 30, CNBC-TV18 says
8 years, 3 months ago

Demonetisaton: Over Rs 11 lakh cr deposits enter banking system till Nov 30, CNBC-TV18 says

Firstpost  

This means, Rs 11 lakh crore entering into the banking system till 30 November represents 80 percent of the total banned currencies Indian banks witnessed over Rs 11 lakh crore entering into the system till 30 November after the demonetisation exercise kicked off on 8 November, a CNBC-TV18 report said. In one fell swoop, the Modi government banned currency notes …

Demonetisation Math: How Much Cash Was Part of Our Black Economy?
8 years, 3 months ago

Demonetisation Math: How Much Cash Was Part of Our Black Economy?

The Quint  

Add the deposits of old currency to the invalidated currency with banks and it’s clear – in the first three weeks since Prime Minister Modi announced the war on black money, 59 percent of the cancelled currency is already back with the banking system. If a large part of the remaining 41 percent comes back by December-end, questions will be …

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 …

New income tax rules to curb unaccounted cash
8 years, 4 months ago

New income tax rules to curb unaccounted cash

Live Mint  

In order to track the unaccounted money making its way into bank and post office accounts post demonetisation, the Central Board of Direct Taxes has amended certain income tax rules. Now, cash deposits in bank and post office accounts above a certain limit—between 9 November and 30 December 2016—will get reported to the income tax department. “114E has been amended …

Demonetisation: Nothing mysterious behind September quarter deposit surge, says SBI Research
8 years, 4 months ago

Demonetisation: Nothing mysterious behind September quarter deposit surge, says SBI Research

Firstpost  

The SBI wing attributed Rs 1.56 trillion to “a seasonal increase” given that people save for festivities and weddings which come later, Rs 45,000 crore to award of arrears as per the seventh pay panel recommendation to central government employees and the residual increase of Rs 85,518 crore due to the IDS scheme. Mumbai: Describing the Rs 2.87 trillion surge …

Demonetisation: Govt cautions Jan Dhan holders against misuse of their bank accounts
8 years, 4 months ago

Demonetisation: Govt cautions Jan Dhan holders against misuse of their bank accounts

Firstpost  

New Delhi: Government today cautioned Jan Dhan account holders, housewives and artisans that they will be prosecuted under the I-T Act for allowing misuse of their bank accounts through deposit of black money in Rs 500/1,000 notes during the 50-day window till 30 December. The government had earlier said deposits up to Rs 2.50 lakh in bank accounts would not …

Cash deposits cross Rs 1.5 lakh crore in five days since currency ban
8 years, 4 months ago

Cash deposits cross Rs 1.5 lakh crore in five days since currency ban

India TV News  

The impact of the government’s November 8 move to demonetise 500, 1000-rupee notes is evident from the fact that the total cash deposited in banks within five days of the announcement has crossed Rs 1.5 lakh crore. State Bank of India alone received total cash deposits of Rs 75,945 crore and exchanged currency worth Rs 3,753 crore, says a Times …

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 …

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 …

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