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CBDT notifies reporting of cash deposit b/w 09.11.2016 to 30.12.2016

Cash deposits,- (i) exceeding fifty thousand rupees during any one day; or (ii) aggregating to more than two lakh fifty thousand rupees during the period 09th November, 2016 to 30th December, 2016

Amendment in Rule 114B for compulsory quoting of pan in case of cash deposit exceeding Rs. 50000 in a single day or aggregating to more then Rs.  2.5 lakh during the period from 09.11.2016 till 30.12.2016.

Amendment in Rule 114E for filing AIR report as required under section 285BA of Income Tax Act, 1961 wrt reporting by banking company and a cooperative bank on account of aggregate cash deposits in one or more current account of a person in excess of Rs. 12.5 lakhs or Rs. 2.5 lakh or more in one or more account of a person during 09.11.2016 till 30.12.2016.

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF DIRECT TAXES

NOTIFICATION No. 104/2016-Income Tax

New Delhi, the 15th November, 2016

G.S.R 1068(E).- In exercise of the powers conferred by section 285BA, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income–tax (30th Amendment) Rules, 2016.

(2) They shall come into force from the date of their publication in the Official Gazette.

2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 114B, in the Table, for serial number 10 and entries relating thereto the following serial number and entries shall be substituted, namely:-

Sl. No. Nature of transaction Value of transaction
(1) (2) (3)
“10.

Deposit with,-

(i) a banking company or a co- operative bank to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in
section 51 of that Act);

(ii) Post Office.

Cash deposits,-

(i) exceeding fifty thousand rupees during any one day; or

(ii) aggregating to more than two lakh fifty thousand rupees during the period 09th November, 2016 to 30th December, 2016.”.

3. In the said rules, in rule 114E, ̶

(i) in sub-rule (2), in the Table, after serial number 11 and entries relating thereto the following serial number and entries shall be inserted, namely:-

Sl. No. Nature and value of transaction Class of person (reporting person)
(1) (2) (3)
“12.

Cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregating to ̶

(i) twelve lakh fifty thousand rupees or more, in one or more current account of a person; or

(ii) two lakh fifty thousand rupees or more, in one or more accounts (other than a current account) of a person.

(i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);

(ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898).”;

(ii) in sub-rule (5), the following proviso shall be inserted, namely:-

“Provided the statement of financial transaction in respect of the transactions listed at serial number (12) in the Table under sub-rule (2), shall be furnished on or before the 31st day of January, 2017.”.

[Notification No. 104/2016]

[F.No.370142/32/2016-TPL]

(Dr. T.S. Mapwal)

Under Secretary to the Government of India

Note:- The principal rules were published vide notification S.O. 969 (E), dated the 26th March, 1962 and last amended vide notification S.O.3399(E), dated 07th November, 2016.

Categories: Income Tax

View Comments (44)

  • Sir,
    What if someone transfer money through internet banking to my account and it exceeds the limit of 2.5 lakh in SB account..will it count as an over all transactions limit.? or it only counts for self cash deposits..?

    • Non cash transactions are not be included. Only cash deposited in the bank from 09/11/2016 to 30/12/2016 will be considered.

  • Sir,
    When we deposit cash for income tax directly and advance tax . For example for 2015-16 an assese pays 75000 as tax in 500 and 1000 again advance tax of 100000 in 500 and 1000 by cash directly to income tax department through bank. The deposit to income tax department is also during the same demonetisation period. Still can he deposit 2.5 lakh into his account.

  • I received income tax mail for online submission of cash receipts from 9 Nov to 30 Dec yesterday for the cash deposition,though I have deposited cash only in new currencies worth 1 crore in the given period?plus confirm that are they sending notices on any criteria or randomly? If criteria please specify.thanks in advance.

  • Between 9.11.16 to 30.12.16 Rs.2.25 Lakh have been transferred to my a/c on account of maturity valuer of FD. Whether this amount has to be reported in ITR-1. Some more money transferred to my account as a salary etc. Is this amount has to be treated as aggregate amount deposited in a Bank

  • sir I selling our house and the other party wanna pay money by bank this amount is 32 lakh so in this condition we have to pay any tax to the bank or gov ? pls reply

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