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Note Ban: Women deposited savings 2.5 lakh to not asked questions



Women deposited savings less than 2.5 lakh to not accountable to asked questions by Income Tax Department

NITI Aayog vice president, Arvind Panagariya announced that there will be no questions asked to women savings who deposited the money upto Rs.2.5 lakh in bank accounts.

Arvind Panagariya has written to Prime Minister Narendra Modi to modify the rules so that the women who have deposited their savings in bank account will not suffer after demonetisation.

Women's savings must be a certain percentage of husband's income

After demonetisation, Income Tax Department has been receiving information regarding deposits between 2 lakh to 5 lakh in huge amount.

Arvind Panagaroya stated that the savings of the wives must be a certain percentage of her husband’s income.

Arvind Panagariya also stated that demonetisation rules has simplified tax regime and prompted government to reduce lending rates.


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