The Income Tax Department has asked banks to submit details of cash deposits in savings accounts between April 1 and November 9, 2016. The I-T department is planning to scrutinise banking transactions in the months leading up to the government’s demonetisation move.
Besides this, banks have also been directed to ask the account holders, who did not furnished PAN (Permanent Account Number) or Form 60 (for those without PAN) at the time of opening bank account, to do so by February 28 this year.
The banks, cooperative banks and post offices will have to report all cash deposits between April 1 to November 9, 2016 to the tax department.
Further bank officials will have to document PAN or declaration of Form 60 received from account holders and maintain all records for transactions under Rule 114B of I-T Act. Rule 114B lists various transactions for which quoting PAN is mandatory.
It said that persons who have not quoted PAN, or did not furnish Form 60 at the time of opening account, will have to provide the same by February 28. Form 60 is a declaration form filed by an individual without PAN.
The tax department had earlier asked banks and post offices to report all deposits above Rs. 2.5 lakh in savings accounts and more than Rs. 12.50 lakh in current accounts made between November 10 and December 30, 2016. They also asked to be informed of any cash deposits exceeding Rs. 50,000 in a single day.
