I-T to go easy on up to Rs 5 lakh deposits by 70-plus people
Posted on: 23/Feb/2017 11:59:27 AM
The Income-Tax department has mentioned that it will not carry out any verification for cash deposits up to Rs 5 lakh made by people above 70 years of age.
Prime Minister Narendra Modi had announced on 8th November that Rs 1000 and Rs 500 notes will not be valid. After this, people who had this invalid notes deposited in their bank accounts. Some people deposited heavy cash which drew the attention of income tax department. Following this the income tax department has mentioned that verification will be made to the people who deposit more than Rs 2.5 lakh.
At the same time, the tax department will not carry out any further verification for cash deposits up to Rs 5 lakh made by people above 70 years of age post note ban.
A senior Finance Ministry official said: There is absolutely no cause for panic. We are not going after everyone who deposited their holding of the demonetized currency in bank accounts between November 8 and December 30, 2016. Very clear limitations have been set for tax department to take up deposits for verification. This is done for verification only and not scrutiny or assessment.
