I.t. query

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This query is : Resolved

Quick Summary

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)

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)

19 March 2020 if deposited above rs 10 lakh then those details sent by bank to IT Dept.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)

20 March 2020 sb and current bank account same limit

swasti

swasti (Expert)

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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