Revised Rules for reporting cash deposit transaction by banks. Amendment to Rules 114B and 114E. More than Rs. 250000 deposited between 9th Nov, 2016 to 30th Dec, 2016 now reportable-CBDT
CBDT has further amended Rules 114B, 114C, 114D and 114E by Notification No. 02/2017 dated 06-01-2017 providing for no withdrawal from bank with substantial credit/deposits if PAN for Form 60 is not provided. Also Bank have been made to report cash deposits between 01-04-2016 to 09-11-2016 Click Here >>
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF DIRECT TAXES
New Delhi, the 15th November, 2016
G.S.R 1068(E).- In exercise of the powers conferred by section 285BA, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
1. (1) These rules may be called the Income–tax (30th Amendment) Rules, 2016.
(2) They shall come into force from the date of their publication in the Official Gazette.
2. In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 114B, in the Table, for serial number 10 and entries relating thereto the following serial number and entries shall be substituted, namely:-
| Sl. No | Nature of transaction | Value of transaction |
| (1) | (2) | (3) |
| “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.”. |
3. In the said rules, in rule 114E, ̶ (i) in sub-rule (2), in the Table, after serial number 11 and entries relating thereto the following serial number and entries shall be inserted, namely:-
| Sl. No | Nature of transaction | Class of person (reporting person) |
| (1) | (2) | (3) |
| “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. |
(i) A banking company or a co-operative 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 Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898).”; |
(ii) in sub-rule (5), the following proviso shall be inserted, namely:-
“Provided the statement of financial transaction in respect of the transactions listed at serial number (12) in the Table under sub-rule (2), shall be furnished on or before the 31st day of January, 2017.”.
[F.No.370142/32/2016-TPL]
(Dr. T.S. Mapwal)
Under Secretary to the Government of India
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