BREAKING NEWS

BREAKING NEWS ""**Expected DA for Bank Employees from Aug 2024 MINIMUM 7 SLAB AND MAXIMUM 24 SLAB*****I *****

VISITOR FROM WORLD

Free counters!

YOU ARE VISITOR

Blog Archive

LIVE

BREAKING NEWS ""**If we want PSU bank to compete with Pvt bank ---Give them a break Saturday first****Outcome of Today’s meeting with IBA - 31.01.2023*********

Tuesday, July 18, 2017

Over 36 lakh bank accounts have seen cash deposits of Rs 10 lakh or more in a financial year, Parliament was informed today.

Over 36 lakh bank accounts have seen cash deposits of Rs 10 lakh or more in a financial year, Parliament was informed today. 

Rule 114E of the Income Tax Rules says banks, including cooperative banks, have to report to taxmen cash deposits 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. 

"As per the reports generated on July 14, 2017, the total number of cash deposits aggregating to Rs 10 lakh or more in a financial year in one or more accounts (other than a current and time deposit account) by the reporting entities.. is 36,06,269," Minister of State for Finance Santosh Kumar Gangwar said in a written reply in Rajya Sabha

Gangwar, however, did not specify for which financial year such deposits were made. 
  • As per the I-T rules, cash payment aggregating to Rs one lakh or more in a financial year against bills raised in respect of one or more credit cards will have to be reported by banks to tax authorities.

No comments:

Bank Unions Oppose PLI Scheme for Senior Bank Executives

AIBOC and AIBEA have written a letter to the DFS Secretary requesting him to review the recently introduced PLI Scheme for Senior Bank Execu...

script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js">