DEPOSITING
OR ENCASHING RS.500/- AND RS.1,000/- NOTES. BEWARE !!! THE INCOME TAX
DEPARTMENT IS WATCHING YOU!
TAKE
CARE AND CONSULT YOUR CHARTERED ACCOUNTANT
As per the IT department, the physical cash circulation
in India is Rs 17 lakh crore and out of this, 88 per cent is Rs 500 and Rs
1,000 notes. Official data suggest that 40 per cent of black money is generated
in real estate, while stock market and bullion transactions are other big
sources.
1.
The Income Tax department will keep a check
on individuals who exchange cash amount of Rs 2 lakh and above.
2.
The objective is to make Indians tax
compliant, eventually leading to higher revenues for the government.
3.
The IT department has been asked to keep
record of every individual, their PAN card details, and tally it with tax
filing.
4.
Accordingly, the department will impose
penalty, which could be between 30 per cent and 120 per cent, depending on the
source of income.
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