Deposit in respective Bank ac limit

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Mohammad (Querist)
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09 November 2016 what if some one had a cash of Rs 10 lacs of old denomition how to deposit in Bank ac to be on safe side from Income tax perspective?

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 November 2016 Deposit the amount in less than 10 lacs to avoid penalty.

Mohammad

Mohammad (Querist)
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10 November 2016 not satisfied by ur reply..sir as per the latest notification a person who wil deposit more than 2.5 lacs in his or her accounts in these 50 days will face penalty of 200 percent penalty?

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 November 2016 200% penalty will be levied for those who deposit amount 10 lacs and above.