Keep this in mind while depositing 2000 rupees note in bank to avoid receiving an Income tax notice

Date:

Share:

Before putting any 2000 rupee notes in the bank, you should surely read this news if you have any as well. Before September 30, 2023, the RBI has requested that you deposit Rs 2,000 notes in any bank branch. However, misunderstanding has emerged in response to the RBI ruling. The Reserve Bank states that you can exchange ten 2000 rupees note (20000 rupees) at once. In addition, there is no cap on the amount of cash that can be deposited. But despite all of this, tax professionals are adamant about a few points.2000 rupees note

2000 rupees note ban – Must keep up-to-date records and paperwork

What should people do if they have a substantial sum of cash at home and wish to deposit it in a bank account? To demonstrate the source of the funds, they need to create correct records and paperwork. By doing this, you can steer clear of any future issues. Cash deposits into bank accounts have a cap. It is kept track of who deposits money in the bank account.2000 rupees note

A limit on monetary deposits

When there are numerous transactions from the bank, the Income Tax Department is notified of the specifics of the financial transaction. Form 26AS of persons who make deposits into the account contains this information. A cap on cash deposits into the account is set in the financial transaction statement.2000 rupees note

If ten lakh or more is placed into a savings account each year

the Income Tax Department may send you a notification. Likewise, if a deposit of 50 lakhs or more is made to the current account. There is a chance of catching the authorities’ attention in this circumstance. You may receive a notice from the Income Tax Department if the amount you deposited does not match the amount on your income tax return (ITR).

You will be questioned about the cash deposit amount in the notice that the Income Tax Department sends. Therefore, it’s crucial to document the source of any cash you deposit into a bank account. You won’t be able to effectively reply to these notices if you don’t do this.

Read more: In a crimson outfit, Giorgia Andriani dominated the show! all attention was on one place

🔥🔥 Join Our Group For All Information And Update, Also Follow me For Latest Information🔥🔥
🔥 Facebook Page                  Click Here
🔥 Twitter                               Click Here
🔥 Instagram                  Click Here

Subscribe to our magazine

More Like This

BCCI to give Rs 1 crore annually to Sarfraz Khan & Dhruv as a part of central contract

At the end of February, the Central Contract list was made public by the BCCI. While numerous young players were included in this list,...

Recruitment for 1499 posts in teaching & non-teaching positions

Post Graduate Teacher (PGT), Grade D Stenographer, Assistant Sanitary Inspector, and other teaching and non-teaching positions are up for grabs at the Delhi Subordinate...

Hyundai SUV with up to 27 km/l and a sunroof that costs less than an i20

These days, hatchbacks seem to be relics of the past because SUVs are more popular among consumers. For this reason, automakers are offering a...

People are buying this Maruti car instead of Baleno! these are top hatchbacks of Feb

Hatchback automobiles were a popular choice among Indian middle-class people till recently. However, as SUVs and crossovers continue to enter the market, the appeal...

Uber will give taxi drivers ₹14 billion as compensation! this is the reason

Uber, the app-based taxi service provider, has experienced a significant setback. The business was forced to concede defeat following a protracted court struggle. In...

LEAVE A REPLY

Please enter your comment!
Please enter your name here