Cash Deposits in Banks – Treatment Under Income Tax Act, 1961

1.1.The issue of cash deposits in bank accounts is under the scrutiny of the Income Tax Authorities for quite some time with the availability of the information through Annual Information Returns (now Specified Financial Transaction statements ), information available from banks and also with the inclusion of cash deposits in certain accounts exceeding Rs. 10.00 lakhs in CASS parameters. The issue became of upmost importance after the demonetization of high denomination notes (hereinafter refe1.1.The issue of cash deposits in bank accounts is under the scrutiny of the Income Tax Authorities for quite some time with the availability of the information through Annual Information Returns (now Specified Financial Transaction statements ), information available from banks and also with the inclusion of cash deposits in certain accounts exceeding Rs. 10.00 lakhs in CASS parameters. The issue became of upmost importance after the demonetization of high denomination notes (hereinafter refetaxmann.com Latest ArticlesRead More

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