From the circular 7 of 2005, I understand that the banks head offices to file the return for the cash deposits of more than 10 lakhs.
But in reality the department (Hyderabad) is issuing letters for (not) filing of this Form 61 to the bank branches.
Now, Please clarify is it the Bank Head Offices or its branches who has to file the AIR in respect of Cash Deposits exceeding > 10 lakhs.
The due date is Aug. 31.
I think its the Head off which has to mention it and not the Branch. The Branch just has to just provide the information to the Head office.
AIR Information on Cash deposits is different from Form 61. Form 60 and 61 are forms that could be obtained by banks when they open accounts for persons not having PAN. Form 60 is general form and 61 is for persons with agricultural income. These forms have to be obtained in duplicate and one copy submitted to the jusridictionary CIT office periodically. Form 60 and 61 must be accompanied by some other address proof of the depositor/account holder like ration card, Voter ID Passport etc.
the bank (HO) has to submit the air report in respect of Cash Deposits exceeding > 10 lakhs.
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