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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 gro .....

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the Income Tax Department be getting reports of cash deposits made during this period? If so, will the current threshold of reporting requirement of reporting cash deposites of more than 10 lacs will only continue? A2: We would be getting reports of .....

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the department finds that huge amount of cash above 10 lacs is deposited in a bank account, which is not matching with the income declared, what would be the tax and penalty to be paid on the same? A3: This would be treated as the case of tax evasion .....

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