Breaking News : Deposits Above Rs 2.5 Lakh Will Face Tax, 200% Penalty If Income Mismatched
If you deposit cash over Rupess 2.5 Lakhs, you could face TAX plus even be JAILED for tax evasion. Housewives and small businessment depositing upto 2 Lakhs face no worries but those dpositing above 2.5 Lkahs without a valid reason will be JAILED if offence is proved. So, please BEWARE Share this with all friends and make them aware.
“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,” he said.