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Deposits above Rs 2.5 lakh to face tax, penalty on mismatch

Deposits above Rs 2.5 lakh to face tax, penalty on mismatch
10 November 2016 Current Affairs: 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.


December 2016 Current affairs
9 DEC
NEWS
8 DEC
NEWS
7 DEC
NEWS
6 DEC
NEWS
5 DEC
NEWS

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
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24 NOV
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October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
NEWS

September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
NEWS
25 AUG
NEWS



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