Income Tax NoticeImage Credit source: File Photo
If you are going to deposit pink notes of Rs 2000 in your bank account, then you have to take care of some important things. Because with the decision of RBI to withdraw 2000 notes, common people have come in a state of confusion about its effect. Apart from this, on depositing more money than the limit, you can get a notice from the Income Tax Department. That’s why you have to pay attention that the money you are going to deposit or change in the bank account, then you should have the details of its complete income source with complete proof. If you have complete details of your income source, then you can deposit any amount of money.
According to the RBI directive, it is very important for all people to deposit their Rs 2,000 notes in their bank accounts or exchange them with other notes in any bank branch before September 30, 2023. Because we stress the importance of being aware of cash deposit limits in bank accounts, tax reporting requirements and possible scrutiny from the Income Tax Department.
Individuals who have large amount of cash at home and wish to deposit it in a bank account must maintain accurate records and documents to prove the source of funds. Because these records can help to clear any concerns or queries that may arise while depositing money.
Notice may come in this case
If Rs.10,00,000 or more is deposited in the savings account during the financial year. If Rs.50,00,000 or more is deposited in the current account during the year. The Income Tax Department uses the SFT details to establish adjustments with the income of the person declared in the Income Tax Return. In cases where discrepancies are found, the Income Tax Department may issue a notice to the depositor for further information or clarification.
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Notes can be changed without identity proof
State Bank of India (SBI) says that no form or identity card will be required to exchange Rs 2,000 notes. As per the announcement, the general public can exchange Rs 2,000 notes up to a limit of Rs 20,000 at a time without a demand slip. Additionally, individuals are not required to provide any identity proof during the note exchange process. He can easily exchange 2000 notes up to the limit of 20 thousand rupees without any identity proof.