I-T dept to go easy on deposits up to ₹5L by people over 70
The Income Tax department will not carry out any further verification for cash deposits up to ₹5 lakh made by people above 70 years of age after demonetisation, reports said. However, the limit has been fixed at ₹2.5 lakh for other individuals. Reports also said that online verification of deposits made is being done to reduce compliance costs.