The government on Wednesday asked banks and put up workplaces to report to the Profits Tax Department all deposits above Rs 2.5 lakh in savings debts, and those in excess of Rs 12.five lakh in cutting-edge bills, made for the duration of the 50-day window for depositing demonetised excessive value notes.Banks and publish workplaces now have to file a applicable statement of monetary transaction on or before January 31, 2017, the notification stated.
The Reserve Financial institution of India has requested banks to make sure clients post a copy of PAN card for any coins deposit exceeding Rs 50,000, if it isn’t always already seeded with the account, to make sure tax rule compliance inside the wake of the latest decision to abolish Rs 500 and Rs 1,000 notes.
PAN required if blended coins deposits exceed Rs 2.five lakh till December 30: Up till now, the restriction for coins deposit without PAN was Rs 50,000 in keeping with transaction. Quite a few people were depositing much less than Rs 50,000 in step with day to escape the PAN provision. However a circular issued on Tuesday says deposits made between nine Nov and 30 Dec 2016 will require a PAN if the mixed sum exceeds Rs 2.5 lakh.
The authorities has been maintaining a near vigil at the kind of deposits in Financial institution debts following the latest demonetisation order and those who will deposit over Rs 2.five lakh in cash will be scrutinised.
I-T lens on modern-day account deposits over Rs 12.five lakh
The Significant Board of Direct Taxes (CBDT) has amended rules inside the Profits Tax Act and asked banks to grant a statement of the economic transaction in one or greater present day debts of someone for cash deposits of Rs 12.five lakh and above between November nine and December 30.The CBDT’s notification on November 15 also said that for all money owed except current accounts, banks could publish info of folks depositing Rs 2.5 lakh and above for all accounts except modern-day debts
Taxmen preparing for swoop on dubious depositors publish Dec 30
Come 2017, and the Profits Tax Department is getting ready to serve notices on all those now depositing cash in banks this is disproportionate to their acknowledged assets of Earnings. Knowledgeable sources stated the Department will begin serving the notices simply after December 30 — the closing date set with the aid of the Central authorities to deposit and change the demonetised Rs 500 and 1,000 notes. The Earnings Tax Branch commenced making ready the notices from November 10 — when banks opened across us of an after a day’s closure following the demonetisation declaration.The notices will go to those who have deposited or obtained coins in their money owed more than double their Earnings Page Design Web.