Banking cash transaction reporting requires branches to record coded daily entries, aggregate multiple same-day transactions, and maintain totals. Branches of scheduled banks must maintain daily records in Form No.1 of account number, taxable transaction code, value of taxable banking transaction, tax collected, and number and aggregate value of transactions not liable to tax. Four coded categories cover cash withdrawals and term-deposit encashments with aggregation rules for multiple transactions by the same person in a single day. Daily and monthly totals for taxable values, tax collected, and non-liable transaction counts and values are required.
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Banking cash transaction reporting requires branches to record coded daily entries, aggregate multiple same-day transactions, and maintain totals.
Branches of scheduled banks must maintain daily records in Form No.1 of account number, taxable transaction code, value of taxable banking transaction, tax collected, and number and aggregate value of transactions not liable to tax. Four coded categories cover cash withdrawals and term-deposit encashments with aggregation rules for multiple transactions by the same person in a single day. Daily and monthly totals for taxable values, tax collected, and non-liable transaction counts and values are required.
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