About Old Notes demonetization

??Dear Friends,

This information pass from retired Chief Commissioner of income tax in public interest.

Government has to act within the framework of the Income tax Act.

Suddenly new rates for levy of tax cannot be announced arbitrarily.

These have to meet the approval of Parliament.

If anyone of you have any money which you cannot explain,treat it as income of the current year,

Pay advance tax on it and include it in your total income for Annual Year 2017-18.

At the most you will have to pay about 33% tax.

Question of penalty on declared income cannot arise.

For depositing upto 2.50 lac in New Account please write:

"Earnings in cash for FY 2016-17 deposited due to demonetization"

For depositing in Children Account please write:

" Cash gifts received during growing up years deposited due to demonetization"

For Depositing Cash in Ladies Account please write following in Pay Slip n PAN Card Photo copy

" Savings from House Hold Expenses over the years deposited due to demonetization"

These are non taxable

Forwarded as received. May be helpful to all.