New Delhi: As per government’s announcement on Wednesday, deposits above Rs 2.5 lakh till December 30th would attract tax. Also, in case of income mismatch, 200% penalty would be levied.
Revenue Secretary Hashmukh Adhia said the matching of the amount deposited and income would be done by the tax department, on the basis of income tax returns filed.
A case of tax evasion would be filed if any mismatch with income declared by the account holder is found.
After the announcement of demonetisation of Rs 500 and Rs 1000 currency notes was declared by Prime Minister Narendra Modi on November 8, the citizens can deposit the old notes in banks latest by December 30.
Adhia also said that small businessmen, housewives who have some cash at their homes need not worry about coming under the lens of tax department.
First Published | 10 November 2016 11:31 AM