21 November 2016
due to demonitisation if any body has savings of previous years which was below taxable limit n that person has not filed any return but now that person want to deposit the savings in bank altogether which is more then 2.5 lakhs..can he do so? by filling return of 2 previous year in cash n deposit that cash in his bank account that amt say 5 lakhs..does any query may come?if we file it return for the previous years now..?
21 November 2016
If u can explain the savings then u can deposit the amount. U may receive notice from IT department regarding such deposit, but deposit only if u can explain such deposit. I'll suggest better to deposit it, coz the old notes (500 & 1000) is of no use from now.
CAclubindia
