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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.


March 2017 Current affairs
25 MAR
NEWS
24 MAR
NEWS
23 MAR
NEWS
22 MAR
NEWS
21 MAR
NEWS
20 MAR
NEWS

February 2017 Current affairs
28 FEB
NEWS
27 FEB
NEWS
25 FEB
NEWS
24 FEB
NEWS
23 FEB
NEWS
22 FEB
NEWS




January 2017 Current affairs
31 JAN
NEWS
30 JAN
NEWS
28 JAN
NEWS
27 JAN
NEWS
25 JAN
NEWS
24 JAN
NEWS

December 2016 Current affairs
31 DEC
NEWS
30 DEC
NEWS
29 DEC
NEWS
28 DEC
NEWS
27 DEC
NEWS
26 DEC
NEWS

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS



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