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Some replies given by revenue secretary Dr Hasmukh Adhia on the questions relating to action by incoming tax department in respect of money deposited in banks in old currency

News and Press Release - Dated:- 10-11-2016 - Q1 A lot of small businessmen, housewives, artisans, workers may have some cash lying as their savings at home, will the income tax department ask questions if the same is deposited in banks? A1: Such group of people as mentioned in the question need not worry about such small amount of deposits up to 1.5 or 2 lacs, since it would be below the taxable income. There will be no harassment by income tax department for such small deposits made. Q2: Will .....

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