Updated By: LatestGKGS Desk
Note Ban: Unaccounted cash deposit panalize under Income Tax Act
Accountholder depositing other persons black money purposefully to be prosecuted under Income Tax Act
There is a lot chaos among people to exchange and deposit the money with the banks due to note ban.
Finance Minister stated that the person who allows his/her bank account to be misused by other person for a purpose would be prosecuted under Income Tax act.
Government came to know about the ill-practises happening in the country due to note ban.
The people having black money are misusing the bank accounts of other persons by purposely putting some amount of cash
Finance Minister Arun Jaitley stated that strict actions would be taken for the persons using other accounts to convert their black money in new denomination notes.
Arun Jaitley also expressed that artisans, workers, housewives etc. would not be asked by the Income Tax department as to how the deposits came.
