November 24, 2016

How Much Money Can Be Deposited in Bank? - IT Laws

Mr Vadia then answered the most pertinent question on everyone’s mind, which is “How much cash I can deposit?” 
“The Government has said up to Rs2.5 lakh deposited between 10 November and 30 December 2016 will not be questioned. Income tax return is to be filed for entire year of 2016-17 and cash deposits and withdrawals for entire year have to be explained. Large cash deposits with no history of previous income would be difficult to explain”, he said. He then briefed the audience about the various provisions of Income Tax Act, applicable on taxpayers.

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