Some much fuss about Deposits above Rs 2.5 lakh to face tax, 200% penalty on income mismatch-What's the value actually is
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This (deposits of over Rs 10 lakh that do not match with returns) will be treated as a case of tax evasion and the tax amount plus a penalty of 200% of the tax payable would be levied as per section 270(A) of the Income Tax Act," Adhia said in a statement emailed late on Wednesday evening.
The government will receive daily updates on the number of Rs 500 and Rs 1,000 notes deposited in each bank branch. Under the law, large cash deposits have to be reported to the government. “We will be getting reports of all cash deposited during November 10 to December 30, 2016 above a threshold of Rs 2.5 lakh in every account. The department will match this with income returns filled by the depositors. And, suitable action may follow,” the revenue secretary said.
The crackdown on cash follows a successful Income Disclosure Scheme where those with unaccounted funds were allowed to come clean after paying 45% tax and penalty against the peak income tax rate of 30%:shock:
Here’s What’s the actual value is
Every Rupee of black money would be reduced to 9% of it, if at all claimed
Declare 1 crore of unaccounted cash and receive 9 lakhs after deduction. 30%Tax + 60% penalty + ~1% cess.
for people getting confused and thinking 200% of the unaccounted money would be charged as penalty, please read article in their entirety, instead of just headings. It says
“This would be treated as a case of tax evasion and the tax amount plus a penalty of 200 per cent of the tax payable would be levied as per the Section 270(A) of the Income Tax Act,”
Tax Payable = 30%
Penalty = 200% of Tax Payable = 60%
Hope that helps. Now go save your 9 Lakhs:-}
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R u CA ?
@blue wine wrote:
R u CA ?
Nahi, muneemji…
1— i am a student, what if i deposit 5 lakh in till 30 dec ? how much penalty in rupees according 200% ?
2— what if i deposit 2 lakh in SBI and 2 lakh in ICICI of same person with same aadhar linked? they will count it as 4 lakh total of single person ?
@kool wrote:
1— i am a student, what if i deposit 5 lakh in till 30 dec ? how much penalty in rupees according 200% ?
2— what if i deposit 2 lakh in SBI and 2 lakh in ICICI of same person with same aadhar linked? they will count it as 4 lakh total of single person ?
1 – No penalty 99% chance
2- it will count as 4 lakh
@kool wrote:
1— i am a student, what if i deposit 5 lakh in till 30 dec ? how much penalty in rupees according 200% ?
2— what if i deposit 2 lakh in SBI and 2 lakh in ICICI of same person with same aadhar linked? they will count it as 4 lakh total of single person ?
Don’t worry bro,,this is not to catch small fishes,they r doing this to catch big fishes.
If u are a student and if u deposit 5 lakhs suppose,,very less chances,even i u get notice from ITD,no ned to get panic,,u need to explain them source of income,,suppose your dad gave u 5 lkah,,it ll be verified against their returns,,99% there wont be any problems.
@blue wine wrote:
@kool wrote:
1— i am a student, what if i deposit 5 lakh in till 30 dec ? how much penalty in rupees according 200% ?
2— what if i deposit 2 lakh in SBI and 2 lakh in ICICI of same person with same aadhar linked? they will count it as 4 lakh total of single person ?
1 – No penalty 99% chance
2- it will count as 4 lakh
shit !! i have 2 acc by my name and 3 joint account.
@kool wrote:
@blue wine wrote:
@kool wrote:
1— i am a student, what if i deposit 5 lakh in till 30 dec ? how much penalty in rupees according 200% ?
2— what if i deposit 2 lakh in SBI and 2 lakh in ICICI of same person with same aadhar linked? they will count it as 4 lakh total of single person ?
1 – No penalty 99% chance
2- it will count as 4 lakh
shit !! i have 2 acc by my name and 3 joint account.
First u have to figure out what id u gave in joint account if its different pan card or addhar then no problem it will treat as a different account
@blue wine wrote:
@kool wrote:
@blue wine wrote:
@kool wrote:
1— i am a student, what if i deposit 5 lakh in till 30 dec ? how much penalty in rupees according 200% ?
2— what if i deposit 2 lakh in SBI and 2 lakh in ICICI of same person with same aadhar linked? they will count it as 4 lakh total of single person ?
1 – No penalty 99% chance
2- it will count as 4 lakh
shit !! i have 2 acc by my name and 3 joint account.
First u have to figure out what id u gave in joint account if its different pan card or addhar then no problem it will treat as a different account
in some branch aadhar, and PAN in other two.
@kool wrote:
@blue wine wrote:
@kool wrote:
@blue wine wrote:
@kool wrote:
1— i am a student, what if i deposit 5 lakh in till 30 dec ? how much penalty in rupees according 200% ?
2— what if i deposit 2 lakh in SBI and 2 lakh in ICICI of same person with same aadhar linked? they will count it as 4 lakh total of single person ?
1 – No penalty 99% chance
2- it will count as 4 lakh
shit !! i have 2 acc by my name and 3 joint account.
First u have to figure out what id u gave in joint account if its different pan card or addhar then no problem it will treat as a different account
in some branch aadhar, and PAN in other two.
Just open new account by other family member aadhar and pan no big deal
Above 2.5lacs will attract notice from IT dept for sure, well notice may come after catching big fishes but its sure to come.
Mr Modi is not going to leave any unaccounted money.
Whether you deposit in single bank or multiple banks or deposit in one go or smaller amounts is immaterial.
Never mess up with IT, because once notice rcvd very difficult/painful/time consuming to tackle it unless you can afford a good lawyer.
So better pay little fee and talk to Tax consultant on how to split/deposit cash if u have above 2.5lacs+other regular income like salary…etc.
i am having a clarification.My main salary account is not updated with PAN which has some amount in lacs but i am declaring IT returns every year in which i never mention this account since PAN is not updated but mention other two bank accounts where pan is updated
Now my question is whether my money is safe in the account?(PS.I am not going to deposit any 500 or 100 in this account.)
cc
@DealSeeker
@dealmate wrote:
i am having a clarification.My main salary account is not updated with PAN which has some amount in lacs but i am declaring IT returns every year in which i never mention this account since PAN is not updated but mention other two bank accounts where pan is updated
Now my question is whether my money is safe in the account?(PS.I am not going to deposit any 500 or 100 in this account.)cc
@DealSeeker
Anybody can comment on this?
@bip100
@xuseronline wrote:
@dealmate wrote:
i am having a clarification.My main salary account is not updated with PAN which has some amount in lacs but i am declaring IT returns every year in which i never mention this account since PAN is not updated but mention other two bank accounts where pan is updated
Now my question is whether my money is safe in the account?(PS.I am not going to deposit any 500 or 100 in this account.)cc
@DealSeeker
Anybody can comment on this?
@bip100
Ur money is totally safe IT department only will ask you clearification if u deposit above 5 lakh cash during 10 nov to 31 dec
second thing is if u ever mention that account in IT department they can track lik every year financial return they ask for all bank account details
third thing is if u have big amount in xyz wer pAN NUMBER not updated is not a big deal unless u having more than 4-5 lakh
@dealmate wrote:
i am having a clarification.My main salary account is not updated with PAN which has some amount in lacs but i am declaring IT returns every year in which i never mention this account since PAN is not updated but mention other two bank accounts where pan is updated
Now my question is whether my money is safe in the account?(PS.I am not going to deposit any 500 or 100 in this account.)cc
@DealSeeker
I repeat here that rules are not changed in current scenario. If you maintain account without giving tax then you are always in trouble. If you think that it is less amount and you can give proper reasons for deposits like it went through all these years you can continue with your account.
@caks2006407 wrote:
Above 2.5lacs will attract notice from IT dept for sure, well notice may come after catching big fishes but its sure to come.
Mr Modi is not going to leave any unaccounted money.
Whether you deposit in single bank or multiple banks or deposit in one go or smaller amounts is immaterial.
Never mess up with IT, because once notice rcvd very difficult/painful/time consuming to tackle it unless you can afford a good lawyer.
So better pay little fee and talk to Tax consultant on how to split/deposit cash if u have above 2.5lacs+other regular income like salary…etc.
i have already deposited 2.40 lacs, during april to october 16.
in that case, i can only deposit 10K to avoid notice???
I had withdrew big amount nearly 20 lacs last month to buy some property but now they are not accepting 500 RS notes if I deposit it back in same bank account will I have to pay tax on it?? I had already paid tax of this income last year
@Dealfinder wrote:
I had withdrew big amount nearly 20 lacs last month to buy some property but now they are not accepting 500 RS notes if I deposit it back in same bank account will I have to pay tax on it?? I had already paid tax of this income last year
R u a business men
@Dealfinder wrote:
I had withdrew big amount nearly 20 lacs last month to buy some property but now they are not accepting 500 RS notes if I deposit it back in same bank account will I have to pay tax on it?? I had already paid tax of this income last year
Obviously NO. Hope your ITR done wrt that income.
@sunnie wrote:
@caks2006407 wrote:
Above 2.5lacs will attract notice from IT dept for sure, well notice may come after catching big fishes but its sure to come.
Mr Modi is not going to leave any unaccounted money.
Whether you deposit in single bank or multiple banks or deposit in one go or smaller amounts is immaterial.
Never mess up with IT, because once notice rcvd very difficult/painful/time consuming to tackle it unless you can afford a good lawyer.
So better pay little fee and talk to Tax consultant on how to split/deposit cash if u have above 2.5lacs+other regular income like salary…etc.
i have already deposited 2.40 lacs, during april to october 16.
in that case, i can only deposit 10K to avoid notice???
Depends on nature of earlier 2.4lac deposit. If you borrowed it from others through bank transfer you needn’t worry. If its CASH deposit then chances are there for notice.
Don’t worry buddy 2.5 Lakh limit is for cumulative deposit in these 50 days….. but if u also break this limit and also don’t file ITR than chances for notice and u shall also be ready to talk about previous cash deposits and their sources
@kool wrote:
@blue wine wrote:
@kool wrote:
1— i am a student, what if i deposit 5 lakh in till 30 dec ? how much penalty in rupees according 200% ?
2— what if i deposit 2 lakh in SBI and 2 lakh in ICICI of same person with same aadhar linked? they will count it as 4 lakh total of single person ?
1 – No penalty 99% chance
2- it will count as 4 lakh
shit !! i have 2 acc by my name and 3 joint account.
Yes depositing in multiple acs with same name will be counted….. further as u’re student… u don’t file ITR most probably. So u should limit it to 2.5 lakhs…
@caks2006407 wrote:
@sunnie wrote:
@caks2006407 wrote:
Above 2.5lacs will attract notice from IT dept for sure, well notice may come after catching big fishes but its sure to come.
Mr Modi is not going to leave any unaccounted money.
Whether you deposit in single bank or multiple banks or deposit in one go or smaller amounts is immaterial.
Never mess up with IT, because once notice rcvd very difficult/painful/time consuming to tackle it unless you can afford a good lawyer.
So better pay little fee and talk to Tax consultant on how to split/deposit cash if u have above 2.5lacs+other regular income like salary…etc.
i have already deposited 2.40 lacs, during april to october 16.
in that case, i can only deposit 10K to avoid notice???
Depends on nature of earlier 2.4lac deposit. If you borrowed it from others through bank transfer you needn’t worry. If its CASH deposit then chances are there for notice.
hmmm
and if we already pay tax, then?
All those expressing concerns over black money they posses, remember IT dept is watching desidime. and desidime.com is obligated to pass your details, profile info, ip, device info etc.
#becareful
#modiwatchesEverything
#noescape
@bip100 wrote:
@dealmate wrote:
i am having a clarification.My main salary account is not updated with PAN which has some amount in lacs but i am declaring IT returns every year in which i never mention this account since PAN is not updated but mention other two bank accounts where pan is updated
Now my question is whether my money is safe in the account?(PS.I am not going to deposit any 500 or 100 in this account.)cc
@DealSeeker
I repeat here that rules are not changed in current scenario. If you maintain account without giving tax then you are always in trouble. If you think that it is less amount and you can give proper reasons for deposits like it went through all these years you can continue with your account.
it is my ultimate savings and i paid tax for all the earnings but only thing is that account is not directly linked to PAN/IT dec..
but i do receive the returns one time in that acct from IT:-}
Now i am not sure how they will take this as the amt is greater than 5
@dealmate wrote:
@bip100 wrote:
@dealmate wrote:
i am having a clarification.My main salary account is not updated with PAN which has some amount in lacs but i am declaring IT returns every year in which i never mention this account since PAN is not updated but mention other two bank accounts where pan is updated
Now my question is whether my money is safe in the account?(PS.I am not going to deposit any 500 or 100 in this account.)cc
@DealSeeker
I repeat here that rules are not changed in current scenario. If you maintain account without giving tax then you are always in trouble. If you think that it is less amount and you can give proper reasons for deposits like it went through all these years you can continue with your account.
it is my ultimate savings and i paid tax for all the earnings but only thing is that account is not directly linked to PAN/IT dec..
but i do receive the returns one time in that acct from IT:-}
Now i am not sure how they will take this as the amt is greater than 5
At max they might seek an explanation for not declaring that account with this year’s returns (I assumed you have not mentioned that account in your returns this year, if you have please ignore). If you declared the sources of income and if it tally’s with your present deposits they wouldn’t even bother. Even if they send you a notice (99% they wouldn’t) just attach all the relevant proof and send it to them. Don’t get worked up too much on such issues when you have nothing to hide.
I agree with @ranjithsai01 point to point.
@ranjithsai01 wrote:
@dealmate wrote:
@bip100 wrote:
@dealmate wrote:
i am having a clarification.My main salary account is not updated with PAN which has some amount in lacs but i am declaring IT returns every year in which i never mention this account since PAN is not updated but mention other two bank accounts where pan is updated
Now my question is whether my money is safe in the account?(PS.I am not going to deposit any 500 or 100 in this account.)cc
@DealSeeker
I repeat here that rules are not changed in current scenario. If you maintain account without giving tax then you are always in trouble. If you think that it is less amount and you can give proper reasons for deposits like it went through all these years you can continue with your account.
it is my ultimate savings and i paid tax for all the earnings but only thing is that account is not directly linked to PAN/IT dec..
but i do receive the returns one time in that acct from IT:-}
Now i am not sure how they will take this as the amt is greater than 5
At max they might seek an explanation for not declaring that account with this year’s returns (I assumed you have not mentioned that account in your returns this year, if you have please ignore). If you declared the sources of income and if it tally’s with your present deposits they wouldn’t even bother. Even if they send you a notice (99% they wouldn’t) just attach all the relevant proof and send it to them. Don’t get worked up too much on such issues when you have nothing to hide.
Cool Ladka