Mximum deposit
Querist :
Anonymous
(Querist) 06 November 2009
This query is : Resolved
Can I deposit one crore rupees in my bank saving account without PAN.
Any IT official will question me later?
A V Vishal
(Expert) 06 November 2009
THEY WILL NOT QUESTION BUT LAND UP AT YOUR PLACE :)
Annual Information Return (AIR) of high value financial transactions is required to be furnished under section 285BA of the Income-tax Act, 1961 by specified persons in respect of specified transactions registered or recorded by them during the financial year. The due date of filing of the return is the 31st of August of the following year.
The specified persons and the specified transactions are listed in Rule 114E of the Income-tax Rules, 1962. Briefly, ONE OF THE REPORTING PARAMETER IS :
Cash deposits aggregating to ten lakh rupees or more in a year in any savings account of a person maintained in that bank.
AND FRANKLY NO BANK WILL ACCEPT CASH OF 1 CRORE. NOW A DAYS DEPOSITING EVEN 50,001 IN A SINGLE TRANSACTION IS NOT PERMITTED WITHOUT A PAN, FORGET ABOUT ALLOWING 1 CRORE IN CASH WITHOUT PAN IN SB A/C.
pkpworld..
(Expert) 06 November 2009
Section 139A stipulates that the PAN should be quoted in the following transactions:
1.Time deposit in excess of Rs.50000 with bank or post office savings bank,
2.purchase of pay order or demand draft or bankers cheque of an amount Rs.50000or moreby depositing cash on any day,
3.deposit of cash in any bank account Rs.50000 or more on any day.
So from above, it is clear that Without a PAN 1 crore can not be deposited in a saving bank account.
Why should a IT official ask to quetion later without any cause. Unless your case will selected for srutiny u/s 143(2) no official will disturb to you provided genuineness of the transation and source of income.
Are you a relative of Mr.Madhu Koda, the former Chief Minister of Jharkhand who is now at Ranchi hospital.
Anish goyal
(Expert) 06 November 2009
Bank will never except such amount without PAN unless u submit a 60A form
A V Vishal
(Expert) 06 November 2009
Dear PKP
Can you kindly enlighten me about the provisions of Annual Information reports under taxation laws?
pkpworld..
(Expert) 07 November 2009
All Banks, financial Institutions, Post offices, Share brokers, and some speocified person are requiered to file AIR report to Income Tax Department showing detials of heavy transations made through their institutionss by persons. The AIR report contains details of transaction, PAN of the assessee, Amount of transaction etc.
If the above specified person, responsible to file AIR, will not file then he will be treated as assessee in defult.
