Regarding quoting of cash deposit amount in itr ay 2017 -18
This query is : Resolved
15 April 2017
As per the ITR for ay 2017 -18, it is mandatory to mention cash deposit of Rs. 2 lacs or more which was deposited during the period from 8th Nov.2016 to 31st March 2017. I want to know whether to mention the aggregate amount deposited Rs. 2 lacs or more for every bank or aggregate of all banks. For eg. if an individual/ company has deposited Rs. 1.5 lacs in SBI and Rs.1 lac in PNB, so in this case whether the said individual/ company is exempt in providing cash deposit of rs. 2 lacs and more as the deposit in each bank is less than rs. 2 lacs ?
15 April 2017
If the aggregate is more than Rs 2 Lakh it has to be reported even if it split into two or more banks. Reason being that in cash transaction 2016 also the tax payers were required to submit their online response to the same if aggregate deposits exceeded Rs 2.5 Lakh in one or more banks.
15 April 2017
But what about if the aggregate deposit in cash is more than Rs. 2 lacs and less than Rs. 2.5 lacs. For eg. if deposited in SBI is Rs. 1 lac and in PNB Rs. 1.25 lacs, so in this case whether the said individual is exempt from reporting ? In the ITR for AY 2016 -17 it is mentioned as aggregate of Rs. 2 lacs or more in each bank details column.
15 April 2017
You seem to be mixing both these things. As ITR 1 is very much clear on this point. You have to report bank deposits if total deposits in aggregate whether in one bank or more than one bank is equal to more than 2 Lacs. So the threshold for reporting in ITR is Two lacs only.
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