Banks to report cash payments, credit card bills of Rs 1 lakh to I-T

0
109

In yet another measure related to the recent demonetisation, the has asked banks to report in any account aggregating Rs 10 lakh in a year, as well as payments of Rs 1 lakh or more on bills.

Banks to report to I-T on over Rs 10 lakh a year 

In a January 17 notification, the Central Board of Direct Taxes (CBDT) made it mandatory for a banking company or a cooperative bank to report aggregating to Rs 10 lakh or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.

Detailing the transactions which need to be reported to the authorities, the notification listed “during the period November 9, 2016 to December 30, 2016 aggregating to Rs 12.50 lakh or more in one or more current accounts of a person, (and) Rs 2.5 lakh or more in one or more accounts (other than a current account) of a person”.

Besides, during April 1, 2016, to November 9, 2016 in any account that are reportable should also be intimated to the the tax authorities by January 31, 2017, the notification said.

The CBDT has also set up an e-platform for the purpose of effecting such reporting.

Prime Minister Narendra Modi had on November 8 announced of Rs 1,000 and Rs 500 notes, saying the move was needed to eliminate black money, counterfeit notes and terror financing. Citizens were given time until December 30, 2016, to deposit the demonetised currency in banks.

On November 16, the CBDT had asked banks and post offices to report all above Rs 2.5 lakh in savings accounts, and those in excess of Rs 12.5 lakh in current accounts, made during the 50-day window for depositing demonetised high-value notes.

It had notified that commercial banks, co-operative banks and post offices will have to report any exceeding Rs 50,000 in a single day, or aggregating to more than Rs 2.5 lakh during the period from November 9 to December 30, 2016.

Banks and post offices were notified to file a relevant statement of financial transaction on or before January 31, 2017.

By the January 17 notification, the CBDT has also made it mandatory for a banking company or a cooperative bank to report aggregating to Rs 10 lakh or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.

payments of Rs 1 lakh or more will also be reported

Payments of an amount aggregating to Rs one lakh or more in cash, along with payments of Rs 10 lakh or more made by any mode (including cheque or wire transfer), towards settling dues in a year will also have to reported.

FOREX aggregating to Rs 10 lakh or more will also be reported

Purchase of foreign exchange, including travellers cheque and forex card, aggregating to Rs 10 lakh or more would also need to be reported.

Property sales for over Rs 30 lakh needs to be reported to taxmen too

Moreover, the Property Registrar will have to report sale or purchase by any person of immovable property for an amount of Rs 30 lakh or more to tax authorities, the notification said