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 ......
CAclubindia
