Business7-Year Jail For Illegal Cash Deposits, Tax Department Warns Violators
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7-Year Jail For Illegal Cash Deposits, Tax Department Warns Violators
Tax department has detected over Rs. 200 crore in undisclosed income.
About Rs. 50 crore has also been seized in these operations.
Notices will be issued in cases of cash deposit above Rs 2.5 lakh.
Tax department has decided to slap charges under the Benami Transactions Act against violators.
New Delhi: Warning people against depositing their unaccounted old currency in someone else's bank account, the tax department has decided to slap charges under the newly enforced Benami Transactions Act against violators that carries a penalty, prosecution and rigorous jail term of a maximum seven years.
In a related development, official sources said that the department has detected over Rs 200 crore in undisclosed income after it...