I.t. query
This query is : Resolved
19 March 2020
One I.t. return non filing person cash deposits bank sb and current account.if any limit of above cash transactions income tax department detailes asked .
19 March 2020
if deposited above rs 10 lakh then those details sent by bank to IT Dept.
20 March 2020
sb and current bank account same limit
20 March 2020
Kindly refer Rule 114E, which specifies that :
(1)Cash deposits aggregating to ten lakh rupees or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.
(2)Cash deposits or cash withdrawals (including through bearer's cheque) aggregating to fifty lakh rupees or more in a financial year, in or from one or more current account of a person.
are to be reported by Bank.
(1)Cash deposits aggregating to ten lakh rupees or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.
(2)Cash deposits or cash withdrawals (including through bearer's cheque) aggregating to fifty lakh rupees or more in a financial year, in or from one or more current account of a person.
are to be reported by Bank.
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