Over 36 lakh bank accounts have seen cash deposits of Rs 10 lakh or more in a financial year, Parliament was informed. Rule 114E of the Income Tax Rules says banks, including cooperative banks, have to report to taxmen cash deposits aggregating to Rs 10 lakh or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.
“As per the reports generated on July 14, 2017, the total number of cash deposits aggregating to Rs 10 lakh or more in a financial year in one or more accounts (other than a current and time deposit account) by the reporting entities.. is 36,06,269,” Minister of State for Finance Santosh Kumar Gangwar said in a written reply in Rajya Sabha.
Gangwar, however, did not specify for which financial year such deposits were made. As per the I-T rules, cash payment aggregating to Rs one lakh or more in a financial year against bills raised in respect of one or more credit cards will have to be reported by banks to tax authorities.
