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