Thursday, November 10th, 2016

 

Note Ban: 200% Penalty on Income Mismatch, we show how to calculate it. It can do wonders to Economy.

The government on Wednesday warned that the cash deposits above ₹2.5 lakh threshold under the 50-day window could attract tax plus a 200 percent penalty if the cash deposited in bank accounts doesn’t match with income declared.  “We would be getting reports of all cash deposited during November 10th to December 30th, 2016, above a threshold of ₹2.5 lakhs in every account. The Department would do matching of this with income returns filled by depositors and suitable action may follow,” Revenue Secretary Hashmukh Adhia said.  “Penalty of 200 per centRead More