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Executive Summary: Friends, in this Article, our Founder Director, Shri Mayank Mohanka, FCA, has made a humble and sincere attempt to analyse and explain the practical tax implications of cash deposits in Rs. 2000 denomination notes in the banks, following the RBI’s 19th May’s announcement of withdrawal of such notes from circulation, in the context of sections 68, 69A read with section 115BBE of the Income Tax Act.

It was 19th May, 2023, and the countrymen were still trying to understand the practical implications of the new TCS Rules on remittances done under Liberalised Remittance Scheme (LRS) and overseas tour packages, including the foreign spends made via international debit and credit cards.

The RBI made two big an.