After taking big decision to ban old notes of Rs 1000 and Rs. 500 now, Central Government of India keep his eyes on all those bank transactions which is greater than 2 lakhs. In this article we have to discuss due to Note ban What is necessary paperwork before cash deposit in banks.
Government of India update his rules which is related to PAN detail. All those person’s who has deposited Rs. 50000 without PAN card for one or more time are checked by the Government.
Must Read: What is the impact of Rs 500 and Rs 1000 Note Ban on the Business?
Note Ban What is necessary paperwork before cash deposit in banks
Due to note ban most of the person have to face lot of problem to deposit or exchange his money from the banks. Income tax department keep his eyes on all those transactions which amount is greater than 200000 and in which account Rs 50000 deposited without PAN number.
Compute your saving amount
If you have your saving amount then first you have to prepare necessary paperwork before cash deposited in the banks. You have to mentioned clearly how much saving is done by you which is related to current or previous years. If Income tax department start scrutiny of your bank account then it will be easier for your to convince the tax department regarding your saving amount.
Saving according to Income
Due to Note ban What is necessary paperwork before cash deposit in banks is an important task. Before deposited cash into the bank account first you have to check your saving amount match with your current income. The difference between your income and your saving amount should not be too much. If this difference is greater than it would be difficult for you to prove your saving amount.
Must Read: Big Decision against Black Money and Fake Note
Keep track of funds received in Gift
As we know at present time wedding session is running too much. Most of the person or family members have to give cash amount to you as a wedding gift. Due to ban of old notes, you have to do an important paperwork before cash deposited in the banks. You have to properly keep full detail about these funds which is received as a Gift during wedding or any other functions. If the Gift amount is less than Rs. 50000 than it is not taxable. But if this amount is greater than Rs. 50000 then you have to face problem during deposit this amount in the banks.
Due to Note ban what is necessary paperwork before cash deposit in banks article helps all those person who want to deposit his saving money. If you don’t have proper information about your saving or gift amount then Income tax department have to charge penalty with tax. So, be aware and do proper paperwork before cash deposit the bank. If you have any suggestion about this article please write us your suggestion in the comment box. Thanks to all.