14 November 2016
I want to know that as the government has said that we can deposit 2.5 lacs between 8 November to 30th December in a bank account so can we say that we can deposit 2.5 lakh + 10 lacs in a savings account without the fear of income tax notice please answer
15 November 2016
I'll only say, that if u can explain the cash transaction, then there is no need to worry from any notice from IT department. One of my friend is doing business of money lender(in cash) and he had deposited approx Rs. 60 to 70 Lakhs, but he had justification of that much cash in hand. So there is no need to worry for that.
CAclubindia
