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Bank provision

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This query is : Resolved

ARUN GUPTA (Querist)

20 May 2013 THE PROVISION OF FORWARDIND THE BANK STATEMENT OF TRANSACTION TO ITD BY BANKS IN CASE THE CASH RECEIPTS /PAYMENTS EXCEEDS 10LAKHS IS APPLICABLE IF PARTY DOES NOT WITHDRAWS THE AMOUNT BY CASH BUT BY SELF CHEQUE AMOUNTING TO RS.1500000????
PLEASE REPLY

Pankaj Gupta

Pankaj Gupta (Expert)

20 May 2013 Banks are required to file an annual information return with the ITD in which they supply the information of certain specified persons. Out of these specified persons one is that who has deposited Rs 10 lakh or more in a saving account in a financial year. No matter he later on withdraws all/certain amount.
The other specified person is one who has done shopping etc from his credit card worth Rs 2 lakhs or more in a financial year.

Moreover the department also asks the banks to submit the information of the persons issuing cheque/DD of Rs 2 lakhs or more ( information supplied in simple excel sheet and not in AIR return)

Hope I made it all clear and your query is resolved.

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