New Delhi: The Income Tax Department has asked banks to submit details of cash deposits in savings accounts between April 1 and November 9, 2016. The I-T department is planning to scrutinise banking transactions in the months leading up to the government's demonetisation move.
Besides this, banks have also been directed to ask the account holders, who did not furnished PAN (Permanent Account Number) or Form 60 (for those without PAN) at the time of opening bank account, to do so by February 28 this year.
According to the notification, the banks, cooperative banks and post offices will have to report all cash deposits between April 1 to November 9, 2016 to the tax department.
Further bank officials will have to document PAN or declaration of Form 60 received from account holders and maintain all records for transactions under Rule 114B of I-T Act. Rule 114B lists various transactions for which quoting PAN is mandatory.
It said that persons who have not quoted PAN, or did not furnish Form 60 at the time of opening account, will have to provide the same by February 28. Form 60 is a declaration form filed by an individual without PAN.
Following the demonetisation move effective November 9, the tax department had earlier asked banks and post offices to report all deposits above Rs 2.5 lakh in savings accounts and more than Rs 12.50 lakh in current accounts made between November 10 and December 30, 2016. They also asked to be informed of any cash deposits exceeding Rs 50,000 in a single day.
With an estimated Rs 15 lakh crore in scrapped currency notes been returned to banks since the announcement regarding demonetisation, the tax department has started analysing the trends in bank deposits.
Besides this, banks have also been directed to ask the account holders, who did not furnished PAN (Permanent Account Number) or Form 60 (for those without PAN) at the time of opening bank account, to do so by February 28 this year.
According to the notification, the banks, cooperative banks and post offices will have to report all cash deposits between April 1 to November 9, 2016 to the tax department.
It said that persons who have not quoted PAN, or did not furnish Form 60 at the time of opening account, will have to provide the same by February 28. Form 60 is a declaration form filed by an individual without PAN.
Advertisement
With an estimated Rs 15 lakh crore in scrapped currency notes been returned to banks since the announcement regarding demonetisation, the tax department has started analysing the trends in bank deposits.
Advertisement
COMMENTS
Advertisement
World Lion Day 2024: PM Modi Shares Stunning Pictures, Lauds Conservationists 2 Delhi Cops Pose As Taxmen, Raid Businessman's House, Arrested PM Modi To Visit Landslide-Hit Wayanad On August 10 Accused Washed His Clothes After Raping, Killing Kolkata Doctor: Cops Ancient Pyramids Collapse In Mexico, Local Tribe Warns Of "Impending Doom" Canada Woman Buys Hermes Bag For Rs 580 From Thrift Store. Then This Happens Cartoon Network Site Shuts Down After 26 Years: How To Find Favourite Shows 7 Devotees Die In Stampede During Consecration Event At Bihar Temple "This Is Our Motherland, Won't Go Anywhere": Protesting Hindus in Bangladesh Track Latest News Live on NDTV.com and get news updates from India and around the world.