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There have been rumors all around circling the demonetization of the currency notes in India. But are these rumors true?
There are people who believe that the magical number - 2.5 lakh deposit, would attract a lot of attention from the tax department whereas anything below that amount would be safe and would not attract any attention. This is just a rumour and completely false. This is not an arbitrary number. It is the maximum exemption limit for income tax for individuals. But you would still have to justify any extra income that you possess via your bank statements.
If you are a salaried person or a housewife, then the savings that you accumulate over the years would still have to be accounted for by justifying it using our bank statements. The ta department would tally your withdrawals and deposits from the past, your lifestyle and the lifestyle of your spouse and then decide if the savings that you show is feasible and believable.
To know more, visit http://lawrato.com/indian-kanoon/tax-...
Advocate Anuj Aggarwal can be consulted for further information at http://lawrato.com/advocate-anuj-aggarwal... or by calling 09599-000-555.
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