Information on cash deposited in bank accounts from 09.11.2016 to 30.12.2016 to be disclosed income tax return for the Assessment Year 2017- 2018 Income tax department has started sending email communication for those who have already submitted the online response to the notice received for cash deposit made during the …
Read More »How to do online verification of Cash Deposits made during 9th November to 30th December 2016
Data analytics has been used for comparison of demonetisation data with information in ITD databases to identify taxpayers wherein the cash transaction does not appear to be in line with the taxpayer’s profile. Taxpayers who are not yet registered on the e-filing portal (at https://incometaxindiaefiling.gov.in) should register by clicking on …
Read More »Income tax department instructions on reporting of Cash Deposit
Today CBDT issued notification requiring Banks and post office to file Statement of financial transactions covering following cash deposit on or before 31st January 2017. Cash Deposit of 2,50,000 or more in any Savings Bank Account (any account other than current account) during 9-9-2016 to 30-12-2016 Cash Deposit of Rs. …
Read More »What happens if I deposit cash my bank account? Is it subject to penalty at 200%
200% penalty on Cash Deposits over 2,50,000 is not 100% true You would have got a message (forward) about 200% penalty on cash deposits. Many people have called me to know the correctness of the penalty calculation! So, the question is Does all deposits over Rs.2.50 Lakhs in the account …
Read More »Understand Income Tax Provision before depositing Rs 500 and 1000 note
Ban on High Denomination Currency and Income-tax Act As the Government has declared that currency notes of Rs. 500 and Rs. 1,000 denominations will not be valid from midnight of November 8, 2016, citizens will have to surrender the old notes at any branch of a bank or post office. …
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