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DemonetizationIncome Tax return filing season is started, Government has started campaigning for ITR filing through digital and social media, internet , TV Ads etc. Although the last date to file for individuals is July 31, you must start work on your income tax return now so that one is not rushed at the last minute.

Collect all the required documents such as your TDS certificates, investment details,capital gains statement from mutual funds for redemption of units,as well equity shares, last assessment years refund details,etc, but for this assessment year i.e. 2017-18, an assessee has to be disclosed one more important information of “CASH DEPOSITED” in bank accounts during Demonetization period from 09-Nov-2016 to 30-Dec-2016. So, those assessee who had cash deposited in bank aggregating to Rs. 2,00,000/- or more during said period has compulsorily to be mentioned in their Income Tax return.

CBDT has released banner regarding this as below:

  1. Help eradicate Black Money and join clean money drive.
  2. Insist assessee to make correct disclosures and file your return on or before 31st July,2017.
  3. Details of cash deposited in bank accounts aggregating to Rs.2,00,000/- or more to be given in the income Tax Return(ITR).
  4. The information will be matched with the information in possession of the Income Tax Department.
  5. Ensure that the ITR is compliant with amount deposited in bank accounts during the period of demonetization (i.e 09-11-2016 to 30-12-2016) and while computing income,the amounts so deposited are considered/taken into account while paying taxes.
  6. Cash deposits made in the above period may thus be fully and truly disclosed in the ITR.

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