All banking companies and cooperative banks required to file AIR report for all cash deposits during the period 09th November, 2016 to 30th December, 2016 in one or more current account of person in excess of Rs 12.5 lakhs or 2.5 lakhs in one or more accounts (other than current account) of a person (Income Tax (30th Amendment) Rules, 2016, (Notification No.104/2016, Dated 15th November 2016))

Now all banking companies and cooperative banks required to file AIR report as required under section 285BA of income tax Act 1961 for all cash deposits during the period 09^th November, 2016 to 30^th December, 2016 in one or more current account of person in excess of Rs 12.5 lakhs or 2.5 lakhs in one or more accounts (other than current account) of a person.

Further quoting of permanent Account Number (PAN) is compulsory in case of cash deposit exceeding fifty thousand rupees during any one day and aggregating deposit more than two lakh fifty thousand rupees during the period of 9^th November, 2016 to 30^th December 2016.

CBDT notifies Income Tax (30^th Amendment) Rules, 2016.

By these rules CBDT amend :-

1. Entry No10 in Rule 114B (Transactions in relation to which permanent account number is to be quoted in all documents for the purpose of clause (c) of sub-section (5) of section 139A) of Income tax Rules, 1962.

S.No.	Nature of transaction	Value of transaction
“10	Deposit with,- (i) a banking company or a co- operative bank to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act); (ii) Post Office.	Cash deposits,- (i) exceeding fifty thousand rupees during any one day; or (ii) aggregating to more than two lakh fifty thousand rupees during the period 09th November, 2016 to 30th December, 2016.”.

Earlier it is read as

S.No.	Nature of transaction	Value of transaction
“10	Deposit with a banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act).	Deposits in cash exceeding fifty thousand rupees during any one day.

2. Rule 114E (Furnishing of statement of financial transaction).

(i) in sub-rule (2), in the Table, New entry inserted after serial No.11 :-

S.No.	Nature of transaction	Class of person (reporting person)
“12	Cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregating to  ̶ (i) twelve lakh fifty thousand rupees or more, in one or more current account of a person; or (ii) two lakh fifty thousand rupees or more, in one or more accounts (other than a current account) of a person.	(i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act); (ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898).”;

(ii) in sub-rule (5), the following proviso shall be inserted, namely:-

“Provided the statement of financial transaction in respect of the transactions listed at serial number (12) in the Table under sub-rule (2), shall be furnished on or before the 31st day of January, 2017.”.