Business2 hours ago
Naughty 😇•30%
Income Tax Notices Possible for Cash Deposits Under ₹10 Lakh
Cash deposits below ₹10 lakh can still trigger Income Tax notices. The ₹10 lakh threshold under Rule 114E only dictates bank reporting, not tax inquiries. The Income Tax Department retains the authority to investigate deposits below this limit as per the Income-tax Act, ensuring compliance and transparency in financial transactions.
⚖️ AI Verdict
"Looks like keeping your cash under ₹10 lakh isn't a foolproof shield!"
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File ID: #268338Original Source: LiveMint Money ↗
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