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Cash deposits reporting by bank

Notices & Assessments 846 views 4 replies

Dear Member

 

Refering to the CBDT circular regarding  Cash deposits or withdrawals aggregating to Rs 50 lakh or more in a financial year in one or more current account of a person will have to be reported by the bank to Director of Joint Director of Income Tax (Intelligence and Criminal Investigation) through online filing in FORM 61A with effect from April 1..
MY query is -In case if the person hold two current account with different bank then limit of Rs 50 lakh would apply separately  for each bank account

Replies (4)

under a singal PAN, department may trace all transactions, even without Anual Reporting

thanks for your advice ,in case cash deposit under two bank account does not exceed 50 lakh then in case bank may report a nil statement , then also department will be in position to trace the transcation

AIR does not means any step by department, its just statics collection, they verify the returns and it returns are worth that transaction limit they dont take any step.

However there are remarkable number of PAN holders who does not file returns but transact in cash with banks with big amounts , AIR helps department to find out those persons just 

Dear sir

 

Could you please share form 61 A format in which bank report this particular type of transaation


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