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

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.

Read: Demonetisation: Revised income tax returns may be scrutinised

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).

Read: Income tax payer in for shock as govt wants to know more in new tax form

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.

Read: CBDT notification

Comments

Other News

SC verdict on Article 370 abrogation is historic: Modi

Prime minister Narendra Modi said that the Supreme Court’s verdict on the abrogation of Article 370 is historic and constitutionally upholds the decision taken by the Parliament of India on 5th August 2019. Modi also said that the court, in its profound wisdom, has fortified the very

A portrait of Dom community opens a world not seen by many

Fire on the Ganges: Life among the Dead in Banaras By Radhika Iyengar 4th Estate / HarperCollins, 348 pages, 599

Revamp BMC Engineering Department for better governance, says think tank

Calling for reforms in the Engineering Department of BMC, Mumbai Vikas Samiti, a not-for-profit organisation has said that less than optimum performance of Engineering Function has added to the woes of citizens and deterioration in the quality of life in the metro. In its recently released r

NGO hails Maharashtra move to amend Insecticide Act

Hailing the Maharashtra government for introducing a bill to amend the Insecticide Act, 1968, Pesticide Action Network (PAN) India has called the amendments ‘very focussed’ and urged the state to expand their scope to address other challenges. The bill, introduced in the a

‘Garba of Gujarat’, now a Unesco Intangible Cultural Heritage

`Garba of Gujarat` has been inscribed in the Representative List of Intangible Cultural Heritage (ICH) of Humanity by UNESCO, under the provisions of the 2003 Convention for the Safeguarding of Intangible Cultural Heritage during the 18th meeting of the Intergovernmental Committee for the Safeguarding of t

Cyber frauds helpline has helped save Rs 930 crore

Since its inception, Citizen Financial Cyber Fraud Reporting and Management System has witnessed more than 12.77 lakh complaints registered (till November 15, 2023), and has saved more than Rs. 930 crore in more than 3.80 lakh complaints. This was stated by minister of state for home affair