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deposits up to Rs 2 lakh would be below the taxable income and there will be no harassment from the Income Tax department for such small deposits.
The clarification also said that the government will get report of cash deposits above Rs 2.5 lakh which are made between November 10 to December 30.
Deposits made above Rs 10 lakh are to be treated as cases of tax evasion and along with imposing tax an additional penalty of 200 percent will be levied on deposits that don't match their tax declarations.
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