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Taxation of old 500 and 1000 notes deposited in banks

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(Querist)
14 May 2017 HOW SHALL THE OLD 500 AND 1000 RUPEE NOTES DEPOSITED IN BANKS TAXED IN A.Y 2017-18
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
15 May 2017 File return disclosing such deposits and pay normal applicable tax so that you can avoid penalty. Penalty will be levied if you are not able to prove the source of income.
As per section 115BBE up to 85% of such deposits will be taxed in case of undisclosed income.
If you hold undisclosed wealth and caught by IT department, then flat 60% tax plus a surcharge of 25% of tax (15%), which will amount a levy of 75%. Besides, if the assessing officer decides he can charge a 10% penalty in addition to the 75% tax.
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