CA Haresh Kataria
The Central Board of Direct Taxes vide notification No.2/2017 dated 6th January,2017 has once again amended Rule 114E (reporting in AIR ) casting reporting obligations on the banks and post offices for reporting of cash deposits in the bank accounts and post office accounts prior to the demontisation period.
Reporting of Cash Deposits in banks and post offices during the period 1st April 2016 to 8th November, 2016 and cash deposits during the period 9th November, 2016 and 30th December, 2016.
Section 285BA requires specified persons to furnish a Annual Information Report (AIR) or Statement of Financial Transactions (SFT) listed in Rule 114E. Originally 11 categories of specified financial transactions were to be reported in the AIR or SFT.
Vide Notification No.104/2016 dated 15th November, 2016, rule 114E was amended and the following 12th category of transaction being cash deposited during demonitisation period was to be reported by banks and post offices
12.Cash deposits in bank account or a post office account during the period 9th November,2016 to 30th December, 2016 aggregating to :
(i) Rs. 12,50,000 or more in one or more current account of a person or
(ii) Rs.2,50,000 or more in one or more accounts (other than current account) of a person.
Rule 114E has been now been further amended vide Notification No. 2/2017 dated 6th January, 2017 adding the following additional category of transaction (13th) to be reported :
13.Cash Deposits during the period 1st April 2016 to 8th November, 2016 in respect of reportable accounts under serial no. 12
Both the above transactions are to be reported by 31st January 2017 in form No. 61A by the banks and the post offices.
The following Account Summary is to be reported in Part C of the AIR or SFT :
C3 ACCOUNT SUMMARY
C.3.1 Aggregate gross amount credited to the account in cash
C.3.2 Aggregate gross amount debited to the account in cash
C.3.3 Aggregate gross amount credited to the account in cash from 1st April 2016 to 8th November 2016.
C.3.4 Aggregate gross amount credited to the account in cash from 9th November 2016 to 30th December,2016.