Government says deposit of up to Rs.2.5 Lakh in bank account will not be questioned. Am not clear whether cash deposits in excess of Rs.2.5 Lakh would be bank wise or PAN wise.
If its bank wise, then one can deposit Rs.2.49 Lakhs in 10 different banks & still go caught free. That cannot be the case, if the reporting is on PAN base.
Not sure how the Govt / Tax department is going to pull the data from the banking system to analyze.
It would be prudent on the part of the Govt if the filter is on PAN.
Kindly let me know your thoughts. Thanks.
Regards,
Vinay
CAclubindia
