Income Tax: Reporting requirement of cash deposit between in Bank & Post office A/c between 1.04.2016 to 09.11.2016. (Income Tax 1st Amendment Rules,2017, CBDT Notification No.2/2017, Dated 6th January 2017)

Tuesday, 17 January 2017

		Reporting requirement	Due date
1.	Persons having an account with banking company or a cooperative bank to which Banking Regulation Act 1949 applies.	Permanent Account Number (PAN) or Form 60 (Form of declaration to be filed by a person who does not have either a permanent account number or General Index Register Number and who makes payment in cash in respect of transaction specified in clauses (a) to (h) of rule 114B)	28^th February 2017
2.	Where the aggregate of cash deposit between 9^th Novmber 2016 to 30^th December 2016 is more than two lakh fifty thousand.	Form 61 (Form of declaration to be filed by a person who has agricultural income and is not in receipt of any other income chargeable to income-tax in respect of transactions specified in Rule 114B)	15^th January 2017

Banks & post offices to submit info about cash deposits in the following cases (Section 114E):-

1. 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.

2. Cash deposits during the period 1st of April, 2016 to 9th November, 2016 in respect of accounts that are reportable under Sl.No.1.

Income Tax