Tax commandments: #3 Mention cash deposits after demonetisation
Monday, July 3, 2017, 12:25 PM
If you deposited more than 2.5 lakh in cash in your bank after demonetisation, it has to be reported in the tax return. The Income Tax Department has already got details of the cash deposited by individuals. This information can be matched with the ITR. In case there is a mismatch in the reporting, the individual can expect a notice.