Financial Advise :
1. Deposit cash less than Rs. 50000 at one time & 10 lac cash in a year (1.4.16 to 31.3.17) in saving bank account. To avoid Income tax department Notice.
2.Do not deposit cash more than Rs.2 lakh in saving bank account (from 11/11/16 to 31/12/16). If you are non tax payer. To avoid Income tax department Notice.
3. Don't try to be over smart
By depositing cash in your different different saving bank accounts. As for income tax limits (Rs. 200000 & Rs.1000000) those will be considered all together.
4. Till 30th December no limit for depositing cash in bank so people may do a mistake.
5. Pan card must for depositing Rs.50000 /- and more.
6. Don't use Credit Card for shopping more than Rs. 200000 (from 01/04/2016 to 31/03/2017). To avoid Income tax department Notice.
7. Do not panic and rush to the banks or post office for depositing the old notes.You are monitored.
8. Understand the impact. When you go to the bank for depositing the same you first check that whether you have cash balance in your books or not.
9. Any unexplained cash deposit attract tax @30%, interest & 200% penalty.
10. Update your books of accounts immediately to know cash position.
Again do not panic.
Every problems have some solution.
