I-T Dept will not ask for source of bank deposits: Adhia
The I-T department will not ask for the source of bank deposits post demonetisation if the entire income is declared and 50% tax is paid on it, Revenue Secretary Hasmukh Adhia said. These disclosures will enjoy immunity from wealth tax, civil and other taxation laws. Notably, the government has proposed total 85% tax plus penalty on undisclosed income detected later.