You can deposit more than 2.5 lakh without penalty but how ? read the article

Friends

I am Gautam Kar, retired Chief Commissioner of income tax. 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 AY 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 pls write

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

For depositing in Children Account pls write

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

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

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

These are non taxable

Forwarded as received. May be helpful to others