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Beware of IT Department while depositing black money
Posted on: 11/Nov/2016 11:25:14 AM
When asked the income tax officials that whether the people who deposit Rs 500 and Rs 1000 in various banks, will they escape the wrath of IT department.
The government has mentioned that to exchange the now defunct Rs. 500 and Rs. 1,000 notes and exchange new 2000 and 500 notes in lieu of them.
There will be problem if people who have bundles of Rs 1000 and Rs 500 notes remit them in banks. Hence there is a doubt among the people that whether they can escape if they remit in various banks at intermittent periods. When asked the IT officials about its feasibility, an official said: While depositing the unaccounted cash into his bank account or exchanging he will have to submit his PAN and other details to the banking officials. This would make the likelihood of his case being caught by the Income tax Department very high As a result he would be likely to get notices from the income tax department asking him the source of this amount deposited by him in the bank.
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