Yes, but transaction limits differ.
Sir, I will be greatful to you if u can provide me the link or limit applicable.
https://www.kpmg.com/IN/en/services/Tax/TaxDocuments/KPMG-Flash-News-Changes-in-PAN-reporting-and-AIR-Rules-2.pdf
Limits in savings acc is 10 lakhs, while that in current acc. is 50 lakhs per annum for AIR reporting.
Is limit applicable for FY 2016-17 as well as for the FY 2015-16?
The notification date is about January, 2016, So from that day it should be applicable, i.e. from F .Y. 2015-16 onwards.
@ Harshal
Thanks for correcting. Actually I had not read completely.
So, is there any limit for Current accounts for FY 2015-16?
Notification No. 95/2015 dt December 30, 2015 issued whereby Income-Tax (22nd Amendment) Rules, 2015 notified. Rules 114B, 114C and 114D have already come into force from January 1, 2016 while Rule 114E shall come into force from April 1, 2016.
The limit of current account reporting is under Rule 114E, which comes into Force from F.Y 2016-17, as clarified in the statemenrt as follows:
The Due Date of filing of return in Form No. 61A - on or before May 31, 20XX. [First such return shall be filed for the FY ended March, 2017- on or before May 31, 2017- Rule 114E(2)]
@ Harshal
Dear, it happens, Chill, Thanks again for correcting me too.
Dear Pallavi ,
There is no limit for FY 2015-16 as the rules came into existence from 01-04-2016 .
And also limit for 50 lacs in current year include both withdrawl and deposit in bank
Hope the query has been resolved
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Originally posted by : Pallavi
So, is there any limit for Current accounts for FY 2015-16?
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