Opinion Of Eminent Legal Luminaries On Controversial Issues

Return- Form – Amount deposited in bank

QUERY: In the new ITR forms provision has been made to mention aggregate amounts deposited in the banks during November 9, 2016 to December 30, 2016:
1. Whether only deposits of specified bank notes (SBN) or all types of notes has to be mentioned?
2. Whether aggregate of deposits in all bank accounts or in a single bank account i.e. Rs. 2/- lakh and above.
ANSWER: In ITR, details of all bank accounts held in India at any time during the previous year (excluding dormant accounts) are to be given, wherein details in respect of cash deposited during November 9, 2016 to December 31, 2016 of aggregate cash deposits during the period Rs. 2/- lakh or more is required to be given.
Thus the details are not restricted to specified bank notes (SBN), but it covers all types of notes.
Further aggregate cash deposited during that period is to be given in all bank accounts.

Posted in Income-tax

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