Bank accounts with cash transactions income-tax e-filing website new feature to report-monitor the conversion of black money

Bank accounts with cash transactions income-tax e-filing website new feature to report-monitor the conversion of black money on bank note withdrawals.

Income Tax Department has launched a new feature in its e-filing website portal for capturing and generating reports of bank/financial institution wise cash transactions done by the assessee.

Not to mention that this step has been introduced to keep a check and/or monitor and report the probable black money conversion consequent to withdrawal/bank on bank notes of Rs. 500/- and Rs. 1000/-. However the data for the preceding periods is captured and reported for inviting response from the assessee.

Steps required to view the report of cash transactions made are as under:

1. Login to Income-tax india e-filing website using PAN and password >>

2. Go to the tab > Compliance > Accounts with Cash Transactions

or alternatively, this link can be found under “Quick Links” Box.

3. It is understood that reports capturing bank accounts with cash transactions shall start showing up shortly.

In the absence of any captured cash transactions, the following message will appear.

However, in case of there are captured cash transactions the report shall appear as under:

As it can be seen, the data has been captured year-wise, bank/financial institution wise and account number-wise.

Further under the response tab, the assessee can view the details and submit his/her response as under:

The assessee can submit his response for each year for each account by selecting for each bank account transaction, any one of the following:

(a) Transactions in the account are considered in IT Return.
(b) Transactions in the account are considered in IT Return of another account holder
(this option is to be selected for joint accounts)
(c) Transactions in the account are not considered in IT Return
(d) Transactions in the account are partly considered in the IT Return.
(e) Transactions in the account are not taxable or exempt (e.g. agriculture income)
(f) No relation with the account