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LATEST NEWS UPDATES | Report cash deposits between April 1 and November 9, 2016, Income Tax Department asks banks

Report cash deposits between April 1 and November 9, 2016, Income Tax Department asks banks

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published Published on Jan 8, 2017   modified Modified on Jan 8, 2017
-PTI

NEW DELHI: The Income Tax Department has asked banks to report cash deposits in savings accounts between April 1 and November 9, 2016.

The move seeks to analyze the banking transactions carried out in months before the demonetisation decision was announced on November 8.

Besides, banks have also been directed to ask the account holders, who did not furnish PAN (Permanent Account Number) or Form 60 (for those without PAN) at the time of opening bank account, to do so by February 28 this year.

As per a notification, the banks, cooperative banks and post offices will have to report to the tax department all cash deposits between April 1 to November 9, 2016.

Prime Minister Narendra Modi had on November 8 announced the move to demonetise old Rs 500 and Rs 1000 notes.

Further, bank officials have been told to document PAN or declaration of Form 60 received from account holders and maintain all records for transactions under Rule 114B of I-T Act. Rule 114B lists various transactions for which quoting PAN is mandatory.

Please click here to read more.
 

The Times of India, 8 January, 2017, http://timesofindia.indiatimes.com/india/report-cash-deposits-between-between-april-1-and-november-9-2016-income-tax-department-asks-banks/articleshow/56401733.cms


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