Income Tax On ₹2000 Notes Deposits | Business News Today | Income Tax New Rules 2023 скачать в хорошем качестве

Income Tax On ₹2000 Notes Deposits | Business News Today | Income Tax New Rules 2023

As part of the statement of financial transactions (SFT) that banks are required to submit to the income tax department annually, they will now be obligated to inform the tax authority about large cash deposits specifically in ₹2,000 currency notes, exceeding a certain threshold. This measure aims to enhance the monitoring and tracking of cash transactions, particularly those involving high-value currency notes. By notifying the income tax department about significant cash deposits in ₹2,000 notes, banks contribute to the government's efforts to combat tax evasion, money laundering, and the circulation of counterfeit currency. The specific threshold for reporting these cash deposits will likely be determined by the tax authority and communicated to the banks. This requirement strengthens the government's ability to scrutinize cash transactions and ensures a more transparent financial system. By keeping a closer eye on cash deposits and transactions, the income tax department can identify any suspicious activities and take appropriate actions to enforce tax compliance and deter illicit financial practices. .............................................................................................. News9 is India's first fully integrated English news brand across all digital platforms. It includes a publishing platform, viz. www.news9live.com, a future-ready OTT platform, News9 Plus, and a 24-Hour video streaming service on connected TVs and all social platforms. It's the English news brand that understands and fits perfectly into the digital-first lifestyles of our English news audiences. ► Watch us on YouTube :    / news9live   ► Like us on Facebook :   / news9live   ► Follow us on Instagram :   / news9live   ► Follow us on Twitter :   / news9tweets   #2000note #incometax #tax #taxationinindia #cashdeposit #currencynotes #moneylaundering #businessnews