![accounted money accounted money](https://wp.cashero.com/wp-content/uploads/2021/04/Can-you-wire-money-from-a-savings-account2-768x392.jpg)
While depositing the unaccounted cash into his bank account or exchanging he will have to submit his PAN and other details to the banking officials. Launch of new currency notes and ban on old notes of Rs 500 and Rs 1000 will force the assessee to get his cash exchanged or deposit it in banks. The possible consequences he might have to face as per the provisions of current Income tax laws if he is found to have deposited unaccounted money are as follows:
![accounted money accounted money](https://thumbs.dreamstime.com/z/saving-account-money-finance-bank-prepare-concept-row-o-coin-stack-growing-business-94162617.jpg)
Say, this man has not received any notice from the Income tax department and has been successful in concealing his income so far. "Let's start with a case study, in which a person has unaccounted money (Black money) with him, and he has not filed any Income Tax Return (ITR) in earlier years. P2P Data Center Fuel Rates Diesel Rates Petrol Rates Bank Pan Number Bank holidays Penny Stocks MF Ratings & NAV Top Performing Schemes Top Star Rated Schemes Top Tax Saving Schemes Highest Risk Adjusted Return New Fund Offers Forthcoming Dividends NPS Top Performing NPS Scheme Most Consistent NPS schemes ETF Perfomance Latest Prices Listed Bonds Traded in Cash Market ULIPs ULIP Schemes Calculators Recurring Deposit Calculator Fixed Deposit Calculator LTCG Tax Calculator Income Tax Calculator Rent Receipt Generator SIP Planner Tool IFSC Bank Code NPS Calculator Invoice Generator EPF Calculator House Property Income HRA Calculator Sukanya Samriddhi Calculator Education Loan Calculator Car Loan Calculator Home Loan Calculator Personal Loan Calculator Risk Tolerance Calculator Financial Fitness Calculator Buy Online Health Insurance Car Insurance 2 Wheeler Insurance Interest Rates Recurring Deposit Rates Fixed Deposit Rates Bank Fixed Deposits Rates Post Office Schemes Rates MCLR Loan EMI Participate & Win Stocks & Shares ET Wealth ET Wealth Editions Buy Wealth Magazine ET Wealth NewsletterĬASE-I: Someone who has never filed a return deposits unaccounted money