Hi All Good Evening. Wishing You Nice weekend.
There is so much confusion about old currency notes exchange .
I would like to know how much amount can be deposited in current account without attracting IT dept. wrath?
Any business person big or small must be having 4-5 lacs in cash.
I have been told that limit is Rs.12.5 Lacs. So If I deposite Rs. 5 Lacs ( which is less than 50% limit) in current account and nothing in savings , what will be consequences ? Will Dept. still ask me from where this monery has come ? Or they will ignore it till 12.5 lacs
Practcally speaking if you are leaving in cities , rs. 5 lacs is nothing. I have kept aside this towards medical emergency of my parents. This is years of savings in cash. I am self employed having a small home based business. I have filled returns for last 10 years and there is no any issue.
Pls. let me know what should I do.
Thank you
Regards
varad mudliyar
CAclubindia
