CASH DEPOSITS REPORITNG IN AIR - 2.5 LACS FOR SAVINGS ACCOUNT & 12.5 LACS FOR CURRENT ACCOUNT IN NOV & DEC
Banks has to report to Income Tax Department, all cash deposits of more than 2.5 lacs in aggregate in savings account & 12.5 Lacs in current account. This limit is per PAN number irrespective of number of accounts.
Earlier, the limit was 10 lacs and 50 lacs respectively and that limit will still operate for this financial year. But this rule of reporting is additional to it and cash deposits from 9th Nov to 31st Dec 2016 will be considered and monitored specially.
PAN Number is mandatory if aggregate cash deposits are more than above limits and also per deposits crosses 50K.