Sec 133 (6) recurring non recurring.

Some Banks got notice to file returns under above Sec. to file a return every month in respect of cash transactions exceeding 100000, deposits exceeding 2 lakhs, drafts with cash of morethan 50000 etc.

please clarify is it return to be filed every month.(In the notice they demanded that it should be filed every month , to be filed by 15th of the following month.otherwise penalty of Rs.100 per day)

when I referred relevant Sec. I understand it is non recurring nature.  To me it meant that the Dept. can seek information from any banking company. person furnish statements of account ......

Replies (1)

The provisions of section 133(6) are no doubt recurring in nature. But obviously, in order to get a regular stream of information from the bank branches, the officer/inspector must have thought about this idea to make it a kind of monthly return. The penalty of Rs. 100 per day is applicable for non compliance of 133(6). In my opinion, the officer has no right to demand a recurring compliance under 133(6). It would be enough compliance if the data required in the notice that is received is submitted within due date. If the ITO wants further information he has to issue fresh notice. 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
09 September 2026
Chartered Accountant

Aviv Global Private Limited

Ahmedabad

CA

View Details
Company
Featured 21 September 2026
Consultant - Reporting

Finrep Advisors LLP

Mumbai

CA

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
09 September 2026
Semi Qualified CA / CA Inter - 2 Groups Cleared

Getmyca Consultant Pvt Ltd

New Delhi

CA Inter

View Details
Company
19 September 2026
Finance Manager

Mugdha Art Studio

Hyderabad

CA

View Details
Company
22 September 2026
Account Assistant

Chirag P Shah & Co. Chartered Accountant

Pune

B.Com

View Details
Company
08 September 2026
Semi-Qualified Assitant

Subrahmanyam & Sivudu CA Firm

Hyderabad

CA Inter

View Details
Company
20 September 2026
Semi Qualified CA

Navin & Associates

Mumbai

CA Inter

View Details