How to Deposit Above 2.5 lakhs Cash In our Account

Depositing Above 2.5 lakhs Cash In our Account

On 8th of November when the Prime Minister Mr. Modi has announced about the note ban over two high denomination currency note i.e. 500 and 1000, he at that time made one more announcement regarding deposition of that money in which one cannot deposit more than 2.5 lakhs in their accounts and if they will do so than they will come in preview of Income Tax Department and then the inquiry will sit upon them they have pay 200% of there income as penalty for the amount which they have deposit in the account A separate report will be prepared of those people and will be given to the minister and hard punishment will be given to them. But recently Government of India providing a relief path to black money holder announce that those who willfully/voluntary declare his/her black money then 50% tax is charged on that disclosed amount and 25% of that amount is disclosed in anti poverty scheme without interest and lock in for 4 year time period and 25% of the amount is return back to the person who disclose it.

    After this declaration in the news channel there was hassle and cores amongst all the people what to do of the amount they have withdrawal and what to do next there was lots of confusion regarding the deposit.

 But the answer for all this is just one and quite simple that if you are a tax payer than you need not have to worry because if there is any problem that all you have to do one thing that is prove the income tax department that you are a genuine tax payer and you have all the receipts of your sale.

  The major problem lies only to those who have horde the large amount of money at there home and are not a tax payer.

There will be no problem on deposit money more than 2.5 lakhs all you have to prove certain points those are: –

1. You have to firstly tell who are you which means Whether you are

• A Big Businessmen
• A small trader
• Service men
• House wife

2. Than you have to tell them that you are a tax payer and filed Income Tax Returns.

3. BIG BUSINESSMEN: – If you are big business men and you have shown your income as 1 crore i.e. you fall in the highest slab of tax payer and cash in hand that you have shown in your books of account as 40 Lakhs if you will deposit more than 40 lakhs than too you don’t have any kind of problem. No Inquiry will come upon these big business men.

4. SMALL TRADERS: – If you are a small trader and you have filed the income tax return of 2 lakhs rupees and showed cash in hand of 4 lakhs in the cash memo and out of this deducting all the expenses cash in hand is suppose to be 50000 only out of which one is not liable to pay any kind of income tax

       Immediately after the decision of the note ban that same trader deposited 2.5 lakhs which he never showed. Than too you need not to worry about the same but if the inquire sits than you have to show the source of income for example id you say that you were saving 50000 from past five year and you have made that fund as a contingency fund which you have saved for the uncertain situation or any emergency .

5. SALARIED CLASS: – If you are a service class and supposing if you have no other source of income other than your service than too you don’t have to panic you can show the bank account statement which will show your spending pattern. If you deposit more than you can show that your lifestyle that you and your wife live and what amount you spend and rest you save. The same you do for every month salary and you are saving the amount from many years. The amount that you are depositing is the amount you are saving for emergency.

6. HOUSE WIFE: – If you are a house wife than you can show that it has been ten years of the marriage and continuously you are saving some amount and that you are depositing

Author: This blog is written by  Ms. Ayushi Mehrotra, student of Bharati Vidyapeeth Deemed University New Law College, Pune, a passionate blogger & intern at  Aapka Consultant.

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