Some replies given by revenue secretary Dr Hasmukh Adhia on the questions relating to action by incoming tax department in respect of money deposited in banks in old currency https://www.taxtmi.com/news?id=16816 Deposits of old currency above the departmental reporting threshold will be reported and matched with taxpayers' income returns; routine small deposits below taxable income are not expected to trigger harassment. Unexplained large deposits inconsistent with declared income will be treated as tax evasion and assessed to tax with a substantial penalty. Jewelers and other dealers must collect buyer PANs for cash purchases and will be subject to scrutiny of their sales and deposits, with enforcement against those who fail to comply. en-us Thu, 10 Nov 2016 10:53:25 +0530 Thu, 10 Nov 2016 10:53:25 +0530 TaxTMI RSS Generator Some replies given by revenue secretary Dr Hasmukh Adhia on the questions relating to action by incoming tax department in respect of money deposited in banks in old currency https://www.taxtmi.com/news?id=16816 Deposits of old currency above the departmental reporting threshold will be reported and matched with taxpayers' income returns; routine small deposits below taxable income are not expected to trigger harassment. Unexplained large deposits inconsistent with declared income will be treated as tax evasion and assessed to tax with a substantial penalty. Jewelers and other dealers must collect buyer PANs for cash purchases and will be subject to scrutiny of their sales and deposits, with enforcement against those who fail to comply. News - Thu, 10 Nov 2016 10:53:25 +0530 https://www.taxtmi.com/news?id=16816