Central Board of Direct Taxes Chairman Sushil Chandra has said that no questions will be asked about deposits of up to 2(point)5 lakh rupees during the demonetisation period and only those accounts will be probed who do not match tax returns.<br/><br/>Speaking in New Delhi yesterday, Mr. Chandra said, the Income Tax Department has segregated different kinds of deposits and accounts who do not match their income tax returns filed in previous years will be taken for layer enforcement. He ensured that the department will not harass any genuine person.<br/><br/>Citing examples, the Chairman said deposits of 3 lakh rupees are justified if a person has an annual taxable income of 10 lakh rupees and the tax department will not touch them. Similary he said, if companies show a cash in hand in balance sheet of 10 lakh rupees and have deposited 5 lakh rupees, the tax department will not scrutinise such entities.
News On AIR | February 7, 2017 7:58 AM
No queries on deposits of up to Rs 2.5 lakh: CBDT Chairman