Income Tax department has added a new window in their Income Tax E-FILING WEBSITE viz ” ACCOUNT CASH TRANSACTIONS “, from today’s morning…..!!!!!
The moment CASH is deposited into your Bank Account, the amount will immediately reflect in this WINDOW of the I.T. Department. All the Banks Server’s have been linked with the CPU of I.T. Department for CASH transactions….!!!!!
So we can say that income tax department record every moment of every people.
Suggestion – Don’t Deposit too much cash in your bank account.
Cash deposits of Rs 50,000 and more requires mandatory furnishing of PAN to the bank which in turns passes on the information to the income tax department for whatever action it deems fit. Now it seems in the wake of demonetization the threshold has been upped to Rs 2.5 lakh for those depositing the discredited notes during 10 November and 30 December, 2016.
The exchange window is likely to be more popular than the deposit window in banks during 10th November to 25th November. One can exchange the old discredited notes for new ones carrying legitimacy upto Rs 4,000 during this fortnight.
For crooks this is a godsend opportunity, the one that is infinitely better than offering themselves in the chopping block by depositing into their accounts though it would call for frequent and numerous visits to hundreds of such exchange counters especially if their stash is heavy