discontinue oh high value denomination
This query is : Resolved
mukesh patel
(Querist)
09 November 2016
I have building materials supplying trading . I am taking still 500 and 1000 not due to not convenience of customers. what the effect if I deposited all this amount in bank current and saving account. what to do to avoid future contingency. plz reply
10 November 2016
You can deposit up to Rs.1.5 lacs or 2 lacs since this amount would be below the taxable income. There will be no harassment from the income tax authority. Even though you deposit more amount, the same has to be reported in the Income Tax return.
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mukesh patel
(Querist)
10 November 2016
thank you. but tell me what would effect if deposited amount to my family memmber account. I have to cl
Dhirajlal Rambhia
(Expert)
17 October 2021
All the earning members can have some explanation, but what about members which are already dependent.
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