Rs 2 lakh and above deposits should be declared in IT returns
Posted on: 10/Apr/2017 3:34:23 PM
Details of all savings and current accounts held at the same time previous year should be provided by the taxpayers.
Declaring cash deposits above Rs 2 lakh in loan account and credit cards are also made compulsory at the time of IT filing.
According to the previous announcement, it was stated that the deposits above Rs 2 lakh made between 9th November and 30th December need to be mentioned in the IT returns in the form for assembly 2017-18. However, according to the instruction regarding IT return filing as mentioned by the department says that for all deposits above Rs 2 lakh apart from the savings or current account made at the time of demonetization must be declared.
