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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 

If you are one with a hoard of cash in your hand, you should deposit that in banks only if you are able to account for the source of income, says tax experts.

Depositing unaccounted money into banks would open up one to scrutiny by the income-tax (I-T) department, though some consultants said it might be worth a chance. “One should be in a position to match the cash in hand with income from business operations,” said Pallav Pradyumn Narang, partner, Arkay & Arkay, a Delhi-based chartered accountancy firm. Businesses would have barely four months in the current financial ...

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