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.
07 January 2017
Not an offence but IT authorities will not accept the source and it will be considered as unaccounted money deposited. Tax and penalty will be levied.
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