Tribune News Service
New Delhi, January 19
The Income Tax Department has asked banks to report the statement of financial transaction in respect of cash deposits in any account aggregating to Rs 10 lakh in a year and more than Rs 2.5 lakh during the window of old Rs 500 and 1,000 notes returned between November 9 and December 30 by January 31.
In a recent notification, the Central Board of Direct Taxes (CBDT) has categorised cash transactions with thresholds which need to be reported by the banks to the Income Tax Department. It includes the entire array of transactions above a prescribed threshold in cash, property, forex, credit cards, fixed deposits and others.
The I-T Department has said while financial transactions can be reported by banks till May 31, the cash deposits should be reported by January 31.
The CBDT has asked banks to report all cash deposits of Rs 2.5 lakh or more made in one or more accounts of a person during November 9 to December 30, 2016.
Also, cash deposits during April 1, 2016 to November 9, 2016 in any account that are reportable should also be intimated to the tax authorities by January 31, 2017, the notification said.
The reporting threshold includes purchase of foreign exchange, including travellers cheque and a forex card aggregating to Rs 10 lakh. On property purchases, the registrar will have to report to tax authorities “purchase or sale by any person of immovable property for an amount of Rs 30 lakh or more.”
Similarly, payments made by any person of an amount aggregating to Rs 1 lakh or more in cash towards credit card dues will have to be reported. It includes payment of Rs 10 lakh or more made by any mode (including cheque or wire transfer) to settle credit card dues in a financial year.