Banks to Report 2.5 Lakhs Deposits . CBDT Notifies New AIR Rule

0
1966

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

  1. You need to give PAN if you deposit Rs 50000 in one day
  2. 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.

[gview file=”http://taxworry.com/wp-content/uploads/2016/11/AIR-report-rs-2-5-lacs-in-air.pdf”]