M Muthusamy & Associates, Chartered Accountants

19/11/2016

What is reported by banks to income tax department from 9th nov,2016 to 30th dec,2016?

Extracts of NOTIIFICATION dated 15th Nov, 2016

New norms introduced for banks/post office to report additional transactions to catch substantial deposits in bank accounts and post office accounts. Banks are required to file form 61A to the income tax department as per guidelines issued by income tax department,

As per current guidelines banks are required to provide bank account holder details on or before 31st may 2017 in form 61A,
wherein in case of saving account if cash deposit is equal/more than Rs. 10 Lacs and in case of current account if cash deposit is equal/more than Rs. 50 Lacs during the year i.e. 1-04-2016 to 31-03-2017,

Now as per new guidelines as per notification,

In addition to above, Banks are required to provide bank account holder details , wherein in case of saving account if cash deposit is equal/more than Rs. 2.5 Lacs and in case of current account if cash deposit is equal/more than Rs. 12.5 Lacs during period 09-10-2016 to 30-12-2016 on or before 31st jan 2017.

Secondly Person is required to furnish PAN number for deposit of equal/more than Rs. 50,000 with Post office

20/05/2015

10/12/2014

Head Office

28/04/2014

There cannot be any dispute that an assessee who is having losses cannot be compelled to pay the income-tax, as the Income-tax Act does not provide for such a situation, exception being the MAT provisions in the case of companies. What is required to be seen as per the circular issued by CBDT and wh…