Report cash deposits of Rs 10 lakh or more: CBDT to banks

Following demonetisation, Central Board Direct Taxes has issued a notification which spells out when banks need to report to them

GN Bureau | January 20, 2017


#demonetisation   #CBDT   #banks   #cash deposits   #banking  


Central Board Direct Taxes has asked banks to report cash deposits aggregating to Rs 10 lakh or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.

A notification has made it clear when the banks need to report to CBDT.
 
One or more time deposits (other than a time deposit made through renewal of another time deposit) of a person aggregating to Rs 10 lakh or more in a financial year of a person needs to be reported.
 
Payments made by any person of an amount aggregating to— (i) Rs 1 lakh or more in cash; or (ii) Rs 10 lakh or more by any other mode, against bills raised in respect of one or more credit cards issued to that person, in a financial year.
 
 
Receipt from any person of an amount aggregating to Rs 10 lakh or more in a financial year for acquiring bonds or debentures issued by the company or institution (other than the amount received on account of renewal of the bond or debenture issued by that company) also needs to be reported.
 
The banks need to tell the IT department when receipt from any person of an amount aggregating to Rs 10  lakh or more in a financial year for acquiring shares (including share application money) issued by the company.
 
Receipt from any person of an amount aggregating to Rs 10 lakh or more in a financial year for acquiring units of one or more schemes of a Mutual Fund (other than the amount received on account of transfer from one scheme to another scheme of that Mutual Fund).
 
 
Receipt from any person for sale of foreign currency including any credit of such currency to foreign exchange card or expense in such currency through a debit or credit card or through issue of travellers cheque or draft or any other instrument of an amount aggregating to Rs 10 lakh or more during a financial year.
 
Purchase or sale by any person of immovable property for an amount of Rs 30 lakh or more, or valued by the stamp valuation authority referred to in section 50C of the Act at Rs 30 lakh or more.
 
Cash deposits during the period November, 9, 2016 to December 30, 2016 aggregating to (i) Rs 12,50,000 or more, in one or more current account of a person; or (ii) Rs 2,50,000 or more, in one or more accounts (other than a current account) of a person.
 
 

Comments

 

Other News

Maharshtra braces to face Cyclone Nisarga

 Even as Mumbai fights challenges posed by COVID-19 on multiple fronts and as the  coronavirus cases continue to rise daily, the city now faces a double whammy with the cyclone ‘Nisarga’ slated to make the landfall in Maharashtra Wednesday. A state-wide alert has been issued for Mumba

Harnessing the demographic capital: how effective are skilling programmes?

Probing data concerning increased job creation and the decline in unemployment has been holding the attention of economists and been subject of discussions in several think tanks in the preceding months. The NITI Aayog reports that 3.53 million new jobs were created between September 2017 and February 2018

It`s time to Unlock now, with economic focus

With Lockdown 4 ending Sunday, the home ministry has issued new guidelines to fight COVID-19 and for phased re-opening of areas outside the Containment Zones. The guidelines, issued based on extensive consultations held with states and UTs, will be effective from June 1 till June 30. The first phase of reo

Small kitchen gardens turn saviours for Gujarat tribal families

When the whole world is fighting COVID-19, food and nutrition security has become a major issue. The pandemic has aggravated the existing food crisis in India, especially in rural and tribal regions. There has been less availability of fresh foods in most parts of the country, and the tribal community has

India will set example of post-Covid-19 economic revival: Modi

India is determined to “set an example” for the rest of the word in the post-pandemic economic revival, prime minister Narendra Modi has said, underling the need to become self-reliant. “There is also a widespread debate on how the economies of various countries, including

3,543 ‘Shramik Special’ trains transport 48 lakh people in 26 days

Close to 48 lakh migrant labourers have been able to reach home from the cities they were working in, as the Indian Railways have run a total of 3,543 “Sharmik Special” trains from May 1. Following the home ministry order regarding the movement by special trains of migrant worker



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter