As it was reported earlier ,CBDT today notified the changes in the Rule 114B & Rule 114E of Income Tax Rule which are related to requirement of PAN while deposit of cash in banks and annual reporting of transactions of cash deposits . This is in line with the advertisements of government in print media as well as social media related to demonetization of RS 500 and RS 1000 currencies notes , that deposits in excess of RS 2.5 Lakhs only be scrutinized :
PAN needed for cash deposits in Banks or Co-operative Banks
- You need to give PAN if you deposit Rs 50000 in one day
- You need to intimate your PAN in you deposit cash between 9th November to 30th December and aggregate deposit exceeds Rs 2.50.000 or more even if on a single day deposit was less than Rs 50,000.
Banks & PO to Report Cash deposits
New Rule 114E(2) Sl.no (12) added which says that
A bank or cooperative bank or a post office will have to file annual information report (AIR) by 31/12/2017 regarding
Cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregating to — (i) twelve lakh fifty thousand rupees or more, in one or more current account of a person; or
(ii) two lakh fifty thousand rupees or more, in one or more accounts (other than a current account) of a person.