Stay in cash while depositing cash at the bank account!
If you do not provide information about deposit cash in any banks while filing an Income Tax Return, you may be charged a higher penalty. Experts say that all information of deposit cash should be given at the time of the return file. If taxpayers do not do so, they will have to pay a total of 85 percent tax and penalty.
Keep focus while keeping cash in the account
Tax expert Mukesh Patel says that it should be cautious while making cash deposits at the account. So the amount you pay for tax will not be heavy on you. Because, while filing income tax returns, taxpayers need to show income and outward sources under section 115BBE. If Texpairs do not do this, then they can not really show the income-outward source. So he has to pay double tax.85% tax and penalty will be paid
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In ordinary words, if any taxpayers can not know the bank's deposit amount, then it has to pay 60% tax, 15% surcharge and 3% for another surcharge. Apart from this, a section of 270 AA can also be fined 10%. So taxpayers have to pay 85 percent of the tax and penalty.
Replace the cash with this rule
Finance Minister Arun Jaitley, in the fiscal year 2017-18, proposed to stop cash transactions of more than 3 lakhs. This limit was reduced to Rs 2 lakh under research in the Finance Bill. According to the tax department, this control will not be applicable to some government banking company, post office, bank or co-operative bank.
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