Hello,
I read that "A Bank will inform Income tax department" if the agrregate cash deposits in savings bank is more than 10 lakhs in form of AIR.
So, what does this mean?
Does this mean that if i deposit more than 10 lakhs with cheques & Online transfer - Will the Bank report that to Incometax department?
Also, What does Aggregate Cash deposit mean?
Yes, as per Rule no.114E of Income tax rules, Every Banking company to which Banking Regulation Act,1949 applies shall report transactions where "AGGREGATE OF CASH DEPOSITS IN SAVINGS ACCOUNT MADE DURING FINANCIAL YEAR WITH THAT BANK BY A PERSON" in form no.61A- AIR(Annual Information Report) to CIB(Central Information Board) on or before 31st August, immediately following the financial year in which such transaction is recorded.
Actually, my question is "What is CASH Deposits"?
Does it include
1) Online Transfer
2) Within branch transfer (From one RD account to SB Account and SB to RD)
3) Cheques/Demand Draft?
4) Withdrawal from FD and crediting it back to Saving Bank?
Does these come under Cash Deposits?
Can anyone clar
Agree With Saravanababu
Cash deposits means account credit through only Hard cash Deposited in Bank
Yes it is actual hard cash deposited into the bank
a person receivd a notice for deposting cash execeeding 10 lacs Rs. He is goldsmith and he did not file return for any A.Y. how can he deal with this situation?
| Originally posted by : mayur vij | ||
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a person receivd a notice for deposting cash execeeding 10 lacs Rs. He is goldsmith and he did not file return for any A.Y. how can he deal with this situation? |  |
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