09 November 2016
I have building materials supplying trading . I am taking still 500 and 1000 not due to not convenience of customers. what the effect if I deposited all this amount in bank current and saving account. what to do to avoid future contingency. plz reply
10 November 2016
You can deposit up to Rs.1.5 lacs or 2 lacs since this amount would be below the taxable income. There will be no harassment from the income tax authority. Even though you deposit more amount, the same has to be reported in the Income Tax return.
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