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Deposits above Rs. 2.5 lakh to be taxed
Posted on: 10/Nov/2016 10:12:34 AM
The Central government has announced that people depositing Rs 2.5 lakhs and above without proper account will face a penalty of 200 percent.
Revenue Secretary Hashmukh Adhia said: We would be getting reports of all cash deposited during November 10th to December 30th, 2016, above a threshold of Rs. 2.5 lakhs in every account. The Department would do matching of this with income returns filled by depositors and suitable action may follow. Penalty of 200 percent of the tax payable would be levied if the cash deposited in bank accounts don`t match with income declared.
The Revenue Secretary further stated that small businessmen, workers need not worry about small amount of deposits up to Rs.1.5 or two lakh since it would be below taxable income. Persons buying jewellery have to provide the PAN number.
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