New Delhi: You may soon get an Income Tax notice if you have deposited even Rs 2.5 lakh cash in your account in old notes or your family members have deposited this amount in their bank accounts. You will be asked to explain why you should not be taxed with penalty on this amount.
The government is coming out with a scheme under which undisclosed income will be taxed at 50%, government will take 25% of the such income for 4 years without giving interest to you and the balance 25% will be given back to you as white money.
If you have deposited Rs 2.5 lakh cash in your account, or your family members have done so in their accounts, then Income Tax will ask you why the new law should not be applied to you.
Income tax officials are finding out whether undisclosed income has been deposited in old notes in accounts of family members via small cash deposits.
Earlier, the government had said that deposits upto Rs 2.5 lakh will not be looked into. (News24Bureau)