I-T Asks Banks to Report Cash Deposited Between April 1 to November 9
Seeking to analyse the banking transactions in months before the demonetisation, the Income Tax Department has asked banks to report cash deposits in savings accounts between April 1 to November 9, 2016.
Image for representation.
New Delhi: Seeking to analyse the banking transactions in months before the demonetisation, the Income Tax Department has asked banks to report cash deposits in savings accounts between April 1 to November 9, 2016.
Besides, banks have also been directed to ask the account holders, who did not furnish PAN (Permanent Account Number) or Form 60 (for those without PAN) at the time of opening bank account, to do so by February 28 this year.
As per a notification, the banks, cooperative banks and post offices will have to report to the tax department all cash deposits between April 1 to November 9, 2016 -- the day when the demonetisation was effected by junking old Rs 500 and Rs 1000 notes.
Further bank officials will have to document PAN or declaration of Form 60 received from account holders and maintain all records for transactions under Rule 114B of I-T Act. Rule 114B lists various transactions for which quoting PAN is mandatory.
It said that persons who have not quoted PAN, or did not furnish Form 60 at the time of opening account, will have to provide the same by February 28. Form 60 is a declaration form filed by an individual without PAN.
Following the demonetisation move effective November 9, the tax department had earlier asked banks and post offices to report to it all deposits above Rs 2.5 lakh in savings accounts and more than Rs 12.50 lakh in current accounts made between November 10-December 30, 2016.
Also, cash deposits exceeding Rs 50,000 in a single day had to be reported.
With an estimated about Rs 15 lakh crore in junked currency notes coming back into the banking system post demonetisation, the tax department has started analysing the bank deposit trends.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Recommended For You
- Purse of Girl Lost in 1950s and Found in 2019 Reveals Fascinating Life of Retro American Teens
- Flipkart Mobile Bonanza Sale 2020: iPhone XS at Rs 54,999, Pixel 3a at Rs 27,999
- Kareena Kapoor Khan Ruled the Lakme Fashion Week Runway in a Stunning 3D Outfit
- Indians Are Googling Where to Download 'Teri Mitti' After 'Apna Time Aayega' Wins Filmfare
- WATCH: Passenger Plane Etihad Airbus A380 Lands Sideways in London, Heart-stopping Clip Goes Viral