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cash deposition confusion

Suman Govil (Student) (204 Points)

15 November 2016

can i deposit 2.5 lacs in bank daily or is this limit is for a year?

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Chitsimran Singh (Student CA Final ) (121 Points)
Replied 16 November 2016

from 8 nov to 31 dec

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Suman Govil (Student) (204 Points)
Replied 16 November 2016

if i have 5 lacs amount in cash then i can depsoit 2.5 lac in two slot from 8th nov to 31 dec, and will not be liable for any tax ?

CA Rakesh sarma (ca) (33 Points)
Replied 16 November 2016

the limit is for full year..the 250000 is just basic exemption limit amt..when u deposit more than 2.5L it means that u have income chrgbl to tax ..so the IT dept verifies it with or return and if any deviation is found notice will be sent to u.later u have to show reasons for not showing it as income...if it was found that u r guilty then after long process 200%penalty is levied......mostly they don't take that seriously about a common man like u and I...so no need of much fear.