Disclose deposits of Rs 2 lakh or more post note ban in new ITR forms
Those who deposited cash of Rs 2 lakh and more in their accounts during the demonetisation drive will have to make a declaration in their income tax returns for the fiscal year that’s just ended, as a follow up to the government’s efforts to eliminate black money through the note-swap exercise.
The tax return form notified by the income tax department -— now simplified to one page for most payers—includes a provision for such a declaration.
In part E of the form that seeks other information from the assessee including bank details, another column has been added seeking details of cash deposited between November 9 and December 30 last year if the aggregate amount over this period was Rs 2 lakh or exceeded that.
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