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cash deposition confusion
can i deposit 2.5 lacs in bank daily or is this limit is for a year?
Replies (5)
from 8 nov to 31 dec
if i have 5 lacs amount in cash then i can depsoit 2.5 lac in two slot from 8th nov to 31 dec, and will not be liable for any tax ?
the limit is for full year..the 250000 is just basic exemption limit amt..when u deposit more than 2.5L it means that u have income chrgbl to tax ..so the IT dept verifies it with or return and if any deviation is found notice will be sent to u.later u have to show reasons for not showing it as income...if it was found that u r guilty then after long process 200%penalty is levied......mostly they don't take that seriously about a common man like u and I...so no need of much fear.
sir limit is for these 50 days.. govt. wants people to deposit thier cash in bank A/c wat about them who have been saving money in their locker
After 30.12.2016, and for some reasons upto extended time, it will be just plain paper, worth nothing.
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