1. CBDT decides norms of scrutiny once FY completes.
They can introduce any Norm.
2. New form of IT return will be introduced. There will be a separate column in which assessee will have to declare amount deposited between 9th November to 30th December.
3. It seems that CBDT make mandatory to file IT return who has deposited any amount of cash (not replaced Rs.4000 or Not withdrawal of Rs.10000 cash).
4. Who deposits between Rs. 50,000 to Rs. 2,00,000 and files return first time or tax NIL, or deposits more than Rs.2,00,000/-will be subject to scrutiny.
5. Farmers who deposits more than Rs.50,000/- will be subject to scrutiny.
6. Firm or Company deposits unusual cash, by manipulating their Cash on hands on books, will have to face stiff scrutiny.
7. Firm or Company deposits cash more than average sale, will have to face scrutiny. And they will have to prove that they did not do transaction after 8th midnight. Unusually high amount will be subject to disallowance.
8. person / firm / company who normally transact in check, but shows cash dealings, immediate before this occasion will be disallowed.
9. Failing above, person will have to face Tax and 200% penalty if he/she fails to prove genuineness.
Salaried people and genuine people need not require to worry.
Please forward and educate to help and save, innocent people who are unaware of stringent IT laws.
Hm Jain CA Ajmer
forwarded by N.K.Jain CA, Ajmer