Bank giving information to income tax department on 2000 note, read this news before depositing it
If you are also going to the bank to exchange 2000 notes, then be alert. Income tax is now eyeing your 2000 note. The Income Tax Department is keeping an eye on every 2000 note. Now you are wondering how income tax is keeping an eye on your notes. Let us inform, the Bank Income Tax Department is giving information about every 2000 note which is being changed.
To curb black money, the government stopped the circulation of 2000 notes. Banks have also started demanding back these out-of-circulation notes from May 23. In such a situation, the banks are giving information about the notes they have changed to the IT department.
read this also: New update of RBI regarding 500 notes, now notes will be changed like this
Banks will have to give information
Let us tell you, the Reserve Bank of India has instructed to change only 20000 rupees at a time. If someone changes notes more than this, then he will have to stand in line again. At the same time, according to the STF rule, banks have to give information about cash deposits and exchanges in large amounts to income tax. In such a situation, the Income Tax Department has also asked the banks that if someone gets 2000 notes exchanged for a higher amount, they should share their detailed information with the department.
Everyone must keep some cash in the form of emergency. But they have to give its genuine region to the banks. At present, the government is taking a strict stand against black money and money deposited illegally. That’s why she is asking the details of those who are depositing or exchanging money in large amounts from the banks.
people don’t need to worry
Some people told on the condition of anonymity that during the closure of 2000 rupee notes, people will deposit a large amount of cash. In such a situation, the officials of the bank and the Income Tax Department check the data to find out the tax evasion.
At the same time, Sudhir Kapadia of Tax and Regulatory Services says that those who have valid or legal cash do not need to worry about depositing or exchanging money in banks. Those who have deposited money wrongly can come under the radar of the Income Tax Department.
According to Live Mint, according to the information received from the banks, those who are getting more than 20000 cash exchange need to give valid ID proof for this. On the other hand, if someone comes under the income tax radar during this period, then he will have to tell the source of this money. Let us tell you that in a financial year, you can deposit cash only up to Rs 10 lakh.