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20
January 2017
In
yet another measure related to the recent demonetisation, the government has
asked banks to report deposits in any account aggregating Rs 10 lakh in a year,
as well as cash payments of Rs 1 lakh or more on credit card bills. The Total Investment & Insurance Solutions
In
a January 17 notification, the Central Board of Direct Taxes (CBDT) made it mandatory
for a banking company or a cooperative bank 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. The Total Investment & Insurance Solutions
Detailing
the cash transactions which need to be reported to the authorities, the
notification listed "cash deposits during the period November 9, 2016 to
December 30, 2016 aggregating to Rs 12.50 lakh or more in one or more current
accounts of a person, (and) Rs 2.5 lakh or more in one or more accounts (other
than a current account) of a person".
Besides,
cash deposits during April 1, 2016, to November 9, 2016 in any account that are
reportable should also be intimated to the the tax authorities by January 31,
2017, the notification said. The Total Investment
& Insurance Solutions
The
CBDT has also set up an e-platform for the purpose of effecting such reporting.
Prime
Minister Narendra Modi had on November 8 announced demonetisation of Rs 1,000
and Rs 500 notes, saying the move was needed to eliminate black money,
counterfeit notes and terror financing. Citizens were given time until December
30, 2016, to deposit the demonetised currency in banks. The Total Investment & Insurance Solutions
On
November 16, the CBDT had asked banks and post offices to report all deposits
above Rs 2.5 lakh in savings accounts, and those in excess of Rs 12.5 lakh in
current accounts, made during the 50-day window for depositing demonetised
high-value notes. The Total Investment & Insurance
Solutions
It
had notified that commercial banks, co-operative banks and post offices will
have to report any cash deposits exceeding Rs 50,000 in a single day, or
aggregating to more than Rs 2.5 lakh during the period from November 9 to
December 30, 2016. The Total Investment & Insurance
Solutions
Banks
and post offices were notified to file a relevant statement of financial
transaction on or before January 31, 2017. The
Total Investment & Insurance Solutions
By
the January 17 notification, the CBDT has also made it mandatory for a banking
company or a cooperative bank 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.
Payments
of an amount aggregating to Rs one lakh or more in cash, along with payments of
Rs 10 lakh or more made by any mode (including cheque or wire transfer),
towards settling credit card dues in a year will also have to reported. The Total Investment & Insurance Solutions
Purchase
of foreign exchange, including travellers cheque and forex card, aggregating to
Rs 10 lakh or more would also need to be reported.
Moreover,
the Property Registrar will have to report sale or purchase by any person of
immovable property for an amount of Rs 30 lakh or more to tax authorities, the
notification said.The Total Investment & Insurance
Solutions
