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IT Dept inquiry against money deposited in Bank from Jan 2017



Note Ban: Income Tax Department to ask for receipts and documents of money deposited in banks after 8 November for business category

Income Tax Department to investigate on the money deposited in banks after demonetisation and if found guilty, the person will be charged with 85% tax.

If the person has deposited money in huge amount in the banks then be aware of the Income tax Department.

Income Tax Department to start investigation from January 2017

Income Tax Department to start investigation from January 2017 and will ask the person to submit the documents and receipts from where the money has been gathered.

If the person is engaged in business and says that he got money due to heavy profits in business then the Income Tax Department can ask for the receipts of service tax and sales tax paid.

And if the person will not be able to submit the necessary documents then he will be charge with 85% of tax.

After demonetisation, people have exchange money in gold so Income Tax Department is keeping a check at the returns of Jewellers.


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