Skip to main content

Deposits Above RS.s.2.5 Lakh To Face Tax, 200% Penalty 


Cash above RS.s.2.5 lakh deposited in banks following the scrapping of Rs.S.500 and RS.s.1,000 notes could attract a tax and a 200 per cent penalty in case it is disproportionate to the account owner's income

The banks have been asking to keep the details of PAN card of people depositing such large amounts over the 50-day window till December 30.  


Similarly, jewellers have been told to keep PAN details of people buying jewellery on cash. Action will be taken against them in case of non-compliance.

The government's move is the sequel to the scrapping of high denomination notes, meant to flush out black money and counterfeit currency.

Income Tax Department has been  getting reports of all cash deposited during the period of November 10 to December 30, 2016, above RS.s.2.5 lakh in every account.


The Income Tax department will match this with the income tax returns filed by the depositors. In case of a mismatch, "suitable action may follow," and It would be treated as a case of tax evasion.

small businessmen, housewifes, workers who had cash lying as savings at home, should not be worried about any tax department scrutiny said by the I.T. Dept.

Deposits up to Rs. 1.5 or Rs. 2 lakh would be below taxable income. "There will be no harassment by the Income Tax Department for such small deposits made"

When cash deposits of the jewellers are scrutinised against sales, "it will also be checked whether they have taken the PAN number of the buyer or not"

So The Government Has Taking Quick Measures To Collect Taxes From The Black Money holders.

Comments

Post a Comment

Popular posts from this blog

APPLY PAN CARD FOR FREE FROM YOUR HOME - INCOME TAX DEPARTMENT

Important Note: Instant e-PAN facility is Free of cost and instant allotment of e-Pan and is available only for a limited period on first come first serve basic for valid Aadhaar  holders. Prerequisites: Applicant already having PAN should not apply for e-PAN The e-PAN facility is ONLY for resident individual (Except Minors and others covered u/s 160 of Income Tax Act, 1961) and not for HUF, Firms, Trusts, and Companies etc. Active Mobile number linked with Aadhaar to receive Aadhaar OTP (One Time Password). To verify the registered mobile number in Aadhaar, please visit UIDAI portal  (verify mobile number / email at Aadhaar) . e-PAN is generated using the particular available in Aadhaar, Details such as Name, Date of Birth, Gender, mobile number and address in Aadhaar is not correct or not update, please update the same in  UIDAI  prior applying e-PAN. Guidelines Abbreviations/Initials in Aadhaar name are not permitted in the First and the Last name/Surname. Ac
1 comment
Read more

Last day for Aadhaar-PAN card linking

The last day for linking the 12-digit Aadhaar number with  PAN card  will expire on Saturday 30th june 2018. The government has made it mandatory for PAN card holders to link the same with the unique identification number Aadhaar. Here is a step-by-step guide to link Aadhaar and PAN: 1) Log on to the  Income Tax department's e-filing portal -- www.incometaxindiaefiling.gov.in 2) Enter your Aadhaar and PAN number (mentioned on  Aadhaar card  and PAN card), your name as mentioned in Aadhaar Card and the captcha code. Then click the 'Link Aadhaar' button. Make sure your name mentioned in the Aadhaar card is the same as the PAN card. In case of any discrepancy, like spelling mistakes, the linking will not be possible. If the names mentioned in Aadhaar card and PAN card are different, you need to update your Aadhaar details. 3) That's it! And your Aadhaar is now linked with PAN. A successful linking should display a message. In a bid to make the linking process
Post a Comment
Read more
Govt gives tax break to small businesses on digital receipts of money Businesses with turnover up to Rs 2 crore will have to pay less tax on electronic payment receipts as compared to on receipts/payments received in cash. For businesses with turnover up to Rs 2 crore, it has been decided to reduce the existing rate of deemed profit of 8% under section 44AD of the Income Tax Act to 6% in respect of the amount of total turnover or gross receipts received through banking channel / digital means for the financial year 2016-17, according to a press release from the Central Board of Direct Taxes here today. However, the existing rate of deemed profit of 8% referred to in section 44AD of the Act, shall continue to apply in respect of total turnover or gross receipts received in cash, the release clarifies. Under the existing provisions of section 44AD of the Income-tax Act, 1961 (the Act), in case of certain assesses (i.e. an individual, HUF or a partnership firm other than
Post a Comment
Read more