Beware of IT Department while depositing black money
When asked that income tax officials that people who deposit Rs 500 and Rs 1000 in various banks which will escape the wrath of IT department.
Government has mentioned that the exchange of defunct Rs 500 and Rs 1000 notes and exchange new 2000 and 500 notes in lieu of them.
There is said to be problem if people who have bundles of Rs 1000 and Rs 500 notes remit them in banks. Hence there is a doubt among the people that whether they can escape if they remit in various banks at intermittent periods. When asked the IT officials about its feasibility, an official said: While depositing the unaccounted cash into his bank account or exchanging he will have to submit his PAN and other details to the banking officials. This would make the likelihood of his case being caught by the Income tax Department very high As a result he would be likely to get notices from the income tax department asking him the source of this amount deposited by him in the bank.