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Reporting to IT Deptt.
How much above limit of banking transcations (FD investment, Cash and other investments) of a client, a bank has to inform IT deptt. ? kindly clear .
Replies (1)
Deposits amounting to Rs. 10 Lakhs or more in a F.Y.
Cash deposits in one or more accounts (other than current account), amounting to Rs. 10 Lakh of an individual
Cash payments for purchase of bank drafts or pay orders or banker’s cheque, totallingRs. 10 Lakh.
Cash deposit/withdrawal totalling, Rs. 50 Lakh or more in a F.Y.
Cash deposits in one or more accounts (other than current account), amounting to Rs. 10 Lakh of an individual
Cash payments for purchase of bank drafts or pay orders or banker’s cheque, totallingRs. 10 Lakh.
Cash deposit/withdrawal totalling, Rs. 50 Lakh or more in a F.Y.
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