“By just depositing it (unaccounted money), you don’t avoid the responsibility of paying tax,” he said when asked about surge in deposits in banks. (Source: PTI) “By just depositing it (unaccounted money), you don’t avoid the responsibility of paying tax,” he said when asked about surge in deposits in banks. (Source: PTI)Issuing a veiled warning, Finance Minister Arun Jaitley on Saturday said one cannot convert black money into white by merely depositing unaccounted cash in bank accounts as taxes are required to be paid on them. “By just depositing it (unaccounted money), you don’t avoid the responsibility of paying tax,” he said when asked about surge in deposits in banks following withdrawal of high denomination currency notes. Following the government’s decision to demonetise from November 8 mid-night, people have been depositing these notes in banks.

Source: Indian Express December 03, 2016 13:55 UTC