Cash deposits reporting by bank

883 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

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
06 July 2026
Accountant

Agarwal Anoop and Associates

Noida

CA Final

View Details
Company
ARTICLESHIP 07 July 2026
Articleship

Jawahar and Associates Chartered Accountants

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 16 July 2026
Article Assistant

G A R U D & Associates

New Delhi

CA Inter

View Details
Company
13 July 2026
AVP / VP - PCG Advisory

Workforce Connect

Mumbai

MBA

View Details
Company
16 July 2026
Manager - Finance & Accounts

Aliens Group

Hyderabad

CA Final

View Details
Company
06 July 2026
Chartered Accountant (Indirect Taxation)

Gowra Ventures Pvt Ltd

Hyderabad

CA

View Details
Company
29 June 2026
Accountant (Finance & Compliance)

TRIEYEZ

Kolkata

CA

View Details
Company
11 July 2026
CA semi qualified

Vakilsearch.com

Chennai

CA Inter

View Details