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How your Deposits are being tracked by Income Tax Department
When Finance Minister, Mr Arun Jaitley had said that if your cash deposit will exceed more than Rs 2,50,000, it might be taken up for Income Tax Enquiry. Well, he was not just threatening but meant serious business. So, if you're letting others park their cash funds in your account you need to read this. In lines with the high currency demonetization, Income Tax Department has amended the rules relating to mandatory furnishing of PAN and reporting requirement by Banks to Income Tax Department.
The new limits for the compliances are as follows:
|Furnishing of PAN by persons who're depositing cash||1. Cash deposits exceeding Rs 50,000 during any one day. 2. Cash Deposits exceeding more than Rs 2,50,000 during the period 09th November 2016 to 30th December 2016..|
|Reporting by Banks to Income Tax Department for cash deposits||1. Cash deposits aggregating to Rs 12,50,000 or more, in one or more current account of a person during the period 09th November 2016 to 30th December 2016. 2. Cash deposits aggregating to more than Rs 2,50,000 in savings account during the period 09th November 2016 to 30th December 2016.|
This amendment is just the extension of the demonetization move of the Government since it will help in tracking the movement of cash so that action can be taken on any suspected transaction said CA Abhishek Soni, Co-Founder of Tax2win.