Financial Advise :
1. Do not deposit cash more than Rs. 2 lakh at one time & 10 lac cash in a year (1.4.16 to 31.3.17) in saving bank account. To avoid Income tax department Notice.
2. Till 30th December no limit for depositing cash in bank so people may do a mistake.
3. Pan card must for depositing Rs.50000 /- and more.
4. Do not panic and rush to the banks or post office for depositing the old notes.You are monitored.
5. Understand the impact. When you go to the bank for depositing the same you first check that whether you have cash balance in your books or not.
6. Any unexplained cash deposit attract tax @30%, interest & penalty.
7. Black money can be used to buy Gold, property & other inherent nature assets.
8. People may take entries to convert black into white. Understand it's future impact before doing so.
9. Update yours books of accounts immediately to know cash position.
*Income Tax India*
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