25 July 2008
One of the information asked in Shedule AIR(Annual Information Return) of ITR.s is - Cash deposits aggregating to ten lakh rupees or more in a year in any savings account of a person.
My question is :
1)Does cash deposits include cheque deposits / Online transfers also ?
2)There are people who draw Net salary more than ten lakhs per annum which gets deposited into their SB Account. In such case do they have to disclose the salary amount so deposited into SB Account?
Please quote reference of books/sections/rules/case laws/websites if possible.
25 July 2008
1. Cash deposits for the purpose of Annual Information Return on Form 61A as required by section 285BA do not include Cheque deposits.
2. In case the salary is received in cash and then deposited in bank, then the bank will have to furnish Annual Informaton Return as envisaged under section 285BA. However, direct credit of salary or cheque deposits are not covered. The limit of Rs. 1000000 is to be seen and analysed in aggregate only. You may refer Rule 114E of the Income Tax Rules, 1962.
CAclubindia
