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Beware! Cash deposit of over 2.5 lakh may attract 200 per cent penalty

Shobhit Kalra

Shobhit KalraBy Shobhit Kalra

Published on 9 Nov 2016 6:02 PM GMT

Beware! Cash deposit of over 2.5 lakh may attract 200 per cent penalty
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Beware! Cash deposit of over 2.5 lakh may attract 200 per cent penalty
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New Delhi: In fresh notification issued in relation to the demonetisation of Rs 500 and Rs 1000 currency notes, the Government of India will get a report of all cash deposits of over 2.5 lakh made between November 10 to December 30.

Such deposits, if mismatched with the declared income, would attract a 200 per cent fine, said Revenue Secretary Hashmukh Adhia.

What else Adhia said?

  • People depositing cash in their accounts up to Rs 1.5 to 2 lakhs are need not to worry.
  • Individual depositing cash up to 2 lakh comes below the taxable income mark.
  • Deposits made above Rs 10 lakh are to be treated as cases of tax evasion.
  • Persons buying jewelery has to provide the PAN number.
  • We are issuing instructions to the field authorities to check with all the jewellers to ensure this requirement is not compromised.
  • Action will be taken against those jewellers who fail to take PAN numbers from such buyers.

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Shobhit Kalra

Shobhit Kalra

Writer has 10 years of experience in digital media. Presently working as Chief Sub Editor at newstrack.com. An avid reader and always willing to learn new things and techniques.

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