With dismissal of 500rs and 1000rs note government has made it already difficult for all the money launders and double -dealers of money, but there is no stopping there is still more to it, even if you are able to deposit 2.5 lakh rupees during the time given by the government, the government will look into the sources of your income and if it doesn't match the declared income u will be penalised.
"We would be getting reports of all cash deposited during the period of November 10 to December 30, 2016, above a threshold of Rs 2.5 lakh in every account. The (tax) department would do matching of this with income returns filed by the depositors. And suitable action may follow," Hasmukh Adhia,
Revenue Secretary said tonight.
In addition he said, "This would be treated as a case of tax evasion and the tax amount plus a penalty of 200 percent of the tax payable would be levied as per the Section 270(A) of the Income Tax Act,".
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