Transaction via cheque

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 May 2011 i know that banks report to the income tax if cash above rs 50,000 is deposited in a single transaction.

What is the amount above which banks report to the income tax if the transaction is made by cheque/account transfer.

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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01 May 2011 In case of payment by account payee cheques or account transfer like in case of TT/MT/NEFT/RTGS, etc., there is no need for the bankers to report to the Dept. So, the banks dont report the transactions that are made through cheque or transfers.

- CA. Amol G. Kabra

Querist : Anonymous

Querist : Anonymous (Querist)

01 May 2011 even if the amount is above 10 lac in a single transaction?

CA SAURABH GARG

CA SAURABH GARG (Expert)
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02 May 2011 Bank never report income tax department if anybody deposit cash above Rs. 50000/-

there is only requirement to mentioned PAN for those transactions nothing else.

Banks are required to file Annual Information Return to Income tax return for any transactions equal to and above Rs. 10 lac

Querist : Anonymous

Querist : Anonymous (Querist)

02 May 2011 so if i receive a single cheque of Rs Fourteen lakh, will the bank file a AIR?

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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02 May 2011 Even if it is of Rs. 14 crores or of higher value it wont be reported.

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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02 May 2011 @ Saurabh - The Rs. 10 lakh is only regarding the Savings Accounts. The cash deposits in the current accounts are not forming part of AIR to be filed annually.

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