200% penalty if deposits above ₹10L don't match with income
The government on Wednesday said that cash deposits of above ₹10 lakh to return ₹1,000 and ₹500 notes, not matching with the declared income, will attract the tax amount plus a penalty of 200%. However, people with deposits up to ₹1.5 or ₹2 lakh need not worry about any tax department scrutiny, the Revenue Secretary said.