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Deposit money in bank only if you can account for it: Tax experts

Penalty for unaccounted income could range from 50% to 200% of evaded tax


Sudipto Dey & Dilasha Seth  |  New Delhi 

ATM closed for the day due to demonetization of Rs 500 and 1000 currency notes in Shimla
ATM closed for the day due to demonetisation of Rs 500 and 1000 currency notes in Shimla

If you are one with a hoard of cash in your hand, you should deposit that in only if you are able to account for the source of income, says tax experts. Depositing unaccounted money into would open up one to scrutiny by the income-tax (I-T) department, though some consultants said it might be worth a chance.



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First Published: Wed, November 09 2016. 20:03 IST