PM Modi’s decision to demonetize old denominations came as a surprise to everyone.
Common people are facing a lot of problems due to the note-ban. Long queues can be witnessed outside every bank and ATM right after the declaration.
People are waiting in these long queues unconcerned about days and nights. Everybody is striving to get their money exchanged.
But you need not worry because your cash is safe with you or with the banks. You can get them exchanged till 30th of December.
Moreover, government offices and departments like railway, hospital and metro are accepting the old currencies till 24th of November.
Since everybody wants to get their cash exchanged as soon as possible, bank personnel too is facing a lot of inconvenience.
Between all this, we are prone to committing some frequent mistakes which might become a blunder if not paid heed to.
Here are 5 such mistakes.
1. Don’t deposit a big amount of 2.5 lakhs before checking your cashbook
Although the government has allowed deposits upto 2.5 lakhs as legal and no tax will be applicable upon them. But if in case after depositing the amount your deposits or transactions amounts to over 2.5 lakhs, then you can get in serious trouble. Tax officials could detect such accounts and you will in complete loss.
2. Don’t deposit a heavy amount of cash in just one attempt
Tax department are keeping an eye on you. If you have never deposited a big amount of cash before then doing so all of a sudden might raise a suspicion on you.
3. Don’t buy gold on a massive scale
Purchasing a lot of gold suddenly might get you in trouble. Goldsmiths have to give details of every big purchase to the excise department.
4. Don’t share your personal information with a stranger
Someone might leak your personal details or he/she might complaint about you to any official.
5. Don’t disclose your salary to any income-tax department official.
You could be in serious trouble.
Don’t dig your own grave by making these mistakes!
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