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IT Dept will not seek source of bank deposits Adhia

News and Press Release - Dated:- 28-11-2016 - New Delhi, Nov 28 (PTI) The tax department will not ask for the source of funds deposited in banks from November 10 - post demonetisation of high value notes, if the entire income is declared and 50 per cent taxes paid on it, Revenue Secretary Hasmukh Adhia said on Monday. The disclosures will enjoy immunity from Wealth Tax, civil and other taxation laws but there will be no immunity from FEMA, PMLA, Narcotics and black money law, he said. Nearly thr .....

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