IT dept. to scrutinise all cash deposits between Apr 1 to Nov 9
New Delhi: Following the demonetisation move effective from November 9, the Income Tax (IT) department has asked banks to submit details of cash deposits in savings accounts between April 1 to November 9, 2016.
The IT department is planning to scrutinise all banking transactions over the entire period.
Apart from it, banks have also been directed to ask the account holders, who did not, furnish PAN or Form 60 (for those without PAN) at the time of opening bank account should do so by February 28 this year.
Earlier, the IT dept. had 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.