Deposits above Rs 2.5 lakh to face tax, penalty on mismatch
Posted on:10 Nov 2016 10:57:49
10 November 2016 Current Affairs GK: Union Government has announced that cash deposits above 2.5 lakh rupees threshold under the 50-day window could attract tax plus a 200 percent penalty in case of income mismatch.
It seems that the decision was taken to make sure that people would fail in converting their black money into the white one.
The decision was announced by the Revenue Secretary Hashmukh Adhia.
Highlights of the decision : The ministry would be getting reports of all cash deposited, above a threshold of 2.5 lakh rupees in every account, during the period of 10 November to 30 December 2016.
The tax department would do matching of this with income returns filed by the depositors and suitable action may follow.
Any mismatch with income declared by the account holder will be treated as a case of tax evasion.
Earlier, the Union Government on 8 November 2016 allowed citizens to deposit in old currency of 500 rupees and 1000 rupee denominations in their bank accounts. These banknotes were declared invalid.
FreshersLive - No.1 Job site in India. Fresherslive Current Affairs 2017 section offers informative quiz questions with answers regarding latest current affairs today for all sorts of competitive exams like UPSC, TNPSC , IFS, IAS, IPS, railway exams (RRB) and banking exams like IPBS PO, IPBS clerk, Federal Bank PO, ICICI, SBI, RBI legal officer & Grade officer posts and much more. Register with us to get latest Current Affairs Updates. Also get latest Current Affairs news and quiz Updates for free alerts daily through E-mail