Question

deposit of 500,with clear explanation​

Answer 1

Answer:

just deposit 500 in the bank simple

Answer 2

Answer:

When you deposit old Rs.1,000 and Rs.500 notes, then such transactions will be reported directly to IT Department. These are tracked based on your PAN number. Hence, it is hard for anyone to skip from this net.

Let us understand about what sort of financial transactions will be reported to Income Tax Department by these Banks, Co-Operative Banks and Post Offices, NBFCs, Companies or even Mutual Fund companies. Such reporting method is called as Annual Information Report (AIR).