Declaration of cash deposit during demonetisation

1607 views 5 replies

Sam V

16 Points Posted on 18 July 2017

Hello All,

due to long queue in banks and as per my ease , i deposited cash in 2 different banks during demonetisation.

i deposited 170000 in icici and aprox 80000 in sbi, which is sum total of 2.50 lakhs, so how exatly i can mention this on ITR I?

Do i need to add and mention both bank accounts and write down the amount wrt to the account ?

Also i am worried as initially government announced that its safe to deposit upto 2.5 lakhs but now income tax ITR form asking to mention 2 or more than 2 lakhs of amount deposited during demonetisation.

please guide me.

regards,

Vir

Replies (5)

Sam V

16 Points Posted on 19 July 2017

Any suggestion is highly appreciated Regards

CS Anirudh Jain

Professional

40 Points Posted on 19 July 2017

Hi,

You need to mention both the bank account detail in ITR 1 and if the aggregate cash deposited during the period is more than 200000 then you need to mention amount in the return.

While you file the return it is clearly written that cash deposited during 9-11-2016 to 30-12-2016 if if the aggregate cash deposited during the period is more than 200000.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211758 Points Posted on 19 July 2017

D14. Details of all Bank Accounts held in India at any time during the previous year (excluding dormant accounts)

a) Bank Account in which refund, if any, shall be credited

S.No.	IFS Code of the bank *	Name of the Bank *	Account Number (the number should be 9 digits or more as per CBS system of the bank)*	Cash deposited during 09.11.2016 to 30.12.2016 (if aggregate cash deposits during the period ≥ Rs.2 lakh)
1

b) Other Bank account details

S.No.	IFS Code of the bank	Name of the Bank	Account Number (the number should be 9 digits or more as per CBS system of the bank)	Cash deposited during 09.11.2016 to 30.12.2016 (if aggregate cash deposits during the period ≥ Rs.2 lakh)
2