No need to panic on cash deposit of old notes : I.T dept is not going to chase every deposit.

Housewives, farmers and those whose annual income is within the tax exemption limit may not be hounded by tax authorities for depositing up to Rs.2.5 lakh of the now-defunct higher denomination currency notes in bank accounts, a top government official said today.

After withdrawing Rs.500 and Rs.1,000 notes from circulation, the government allowed individuals to deposit the same in their bank accounts till 30 December and get smaller denomination ones or new Rs.500 and Rs.2,000 bank notes.

These deposits, however, will be scrutinised to catch tax evaders and black money holders. But those falling within the income tax exemption bracket Rs2.5 lakh need not worry regarding their cash deposits in banks except for suspicious cases, the official said.

To read the say of Revenue Secretary, Please CLICK HERE.