Demonitisation
This query is : Resolved
07 January 2017
What is the implications under income tax act of a person receiving money in old denomination after demonitisation out of the sundry debtor's balance as on the 08/11/2016. Will it leads to a criminal offence or offence under any other law.
CA SUNIL K GARG
(Expert)
07 January 2017
Amount received after demonetisation from debtors will assume to be your income prior to demonetisation. In case your cash deposited after demonetisation is more than your return income, you will be liable to pay penalty under section 270A.
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