With the recent 30th amendment in the Income Tax Rules, 1962 dated 15.11.2016, Rule 114B relating to quoting of PAN has been substituted as below:
| S.No. | Nature of transaction | Value of transaction |
| “10. | Deposit with, – (i) a banking company or a cooperative bank to which the Banking Regulation Act, 1949 (10 of 1949), applies (including any bank or banking institution referred to in section 51 of that Act); (ii) Post Office. | Cash deposits, – (i) exceeding fifty thousand rupees during any one day; or (ii) aggregating to more than two lakh fifty thousand rupees during the period 09th November, 2016 to 30th December, 2016.” |
Further, Rule 114E relating to furnishing of statement of financial transaction has also been amended to insert the following in sub-rule (2):
| S.No. | Nature and value of transaction | Class of person (reporting person) |
| “12. | Cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregating to ? (i) twelve lakh fifty thousand rupees or more, in one or more current account of a person; or (ii) two lakh fifty thousand rupees or more, in one or more accounts (other than a current account) of a person. |
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Therefore, depositing Rs. 2.5 lakhs or more in a saving account and Rs. 12.5 lakhs in a current account during 09.11.2016 to 30.12.2016 shall be reported to Income Tax department. To read more, refer our blog https://blog.tax2win.in/income-tax-department-watching-transactions-worth-rs-2-5-lakh/ [text-blocks id=”get-ca-assistance”]
2 responses to “Income Tax Department is watching transactions worth Rs. 2.5 lakh or more!”
Department has gone crazy, I hope that they should not appoint AO for every citizen to watch out his spendings and earnings.
Hope So. Fingers Crossed