I.t. query

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This query is : Resolved

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The Income Tax Department requires banks to report certain cash transactions. For savings and time deposit accounts, cash deposits totalling ₹10 lakh or more in a financial year must be reported. For current accounts, the threshold is higher, with deposits or withdrawals of ₹50 lakh or more in a financial year triggering a report to the IT Department.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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19 March 2020 One I.t. return non filing person cash deposits bank sb and current account.if any limit of above cash transactions income tax department detailes asked .

Gokul Sharma

Gokul Sharma (Expert)
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19 March 2020 if deposited above rs 10 lakh then those details sent by bank to IT Dept.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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20 March 2020 sb and current bank account same limit

swasti

swasti (Expert)
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20 March 2020 Kindly refer Rule 114E, which specifies that :
(1)Cash deposits aggregating to ten lakh rupees or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.
(2)Cash deposits or cash withdrawals (including through bearer's cheque) aggregating to fifty lakh rupees or more in a financial year, in or from one or more current account of a person.

are to be reported by Bank.

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