Income–tax (30th Amendment) Rules, 2016 - Specifies the limit for deposit of Cash without PAN and Issues Direction to banks for Submission of information for deposit of cash in excess of specified limit for the period from 9.11.2016 to 30.12.2016 - 104/2016 - Income Tax Act, 1961
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Cash deposit reporting tightened; banks and post offices must report specified short term high-value cash deposits with a filing deadline. The amendment revises rule 114B to treat cash deposits into banks and Post Office accounts exceeding fifty thousand rupees in a day or aggregating over two lakh fifty thousand rupees during 09 November 2016 to 30 December 2016 as reportable, and inserts in rule 114E a reporting obligation for deposits in that period aggregating to twelve lakh fifty thousand rupees or more in current accounts or two lakh fifty thousand rupees or more in other accounts, to be reported by banks, qualifying co-operative banks and the Post Master General by 31 January 2017.
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Provisions expressly mentioned in the judgment/order text.
Cash deposit reporting tightened; banks and post offices must report specified short term high-value cash deposits with a filing deadline.
The amendment revises rule 114B to treat cash deposits into banks and Post Office accounts exceeding fifty thousand rupees in a day or aggregating over two lakh fifty thousand rupees during 09 November 2016 to 30 December 2016 as reportable, and inserts in rule 114E a reporting obligation for deposits in that period aggregating to twelve lakh fifty thousand rupees or more in current accounts or two lakh fifty thousand rupees or more in other accounts, to be reported by banks, qualifying co-operative banks and the Post Master General by 31 January 2017.
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