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cash deposits News
Are you doing cash deposits at your bank? Know cash limit and charges - SBI vs HDFC vs ICICI Bank vs PNB
Tue, Apr 23, 2019
Banks have also launched their own machine in various branches where a customer does not even need to fill a piece of paper. However, for those who are not familiar with cash deposit machine, can always opt for traditional method at banks.
Say goodbye to long queues, use cash deposit machines for your transaction
Mon, Nov 27, 2017
At any ATM, you will find a cash withdrawal machine, a cheque deposit kiosk and a cash deposit machine.
Deregistered companies deposited Rs 17,000 crore post note ban: Govt
Mon, Nov 06, 2017
Cash deposits worth over Rs 17,000 crore were made and later withdrawn post demonetisation by as many as 35,000 companies, which are now deregistered, the government said today.
1.58 lakh tax payers under lens for partial account declarations
Wed, May 17, 2017
The tax department is conducting analysis in conjuction with previously available/analysed data. Such incremental data analysis has already led to identification of new cases for e-verification, I-T department said.
Axis Bank clarifies on CBI's searches in Ahmedabad branch
Tue, Apr 11, 2017
Axis Bank on Tuesday clarified that the bank has "zero tolerance" towards any devious procedures and is fully co-operating with the Central Bureau of Investigation (CBI) during investigations at Ahmedabad Axis Bank branch.
Individuals have to disclose cash payments over Rs 2 lakh made for loans, card payments in new ITR form
Mon, Apr 10, 2017
Individuals will have to disclose all cash payments of over Rs 2 lakh made for paying loans and credit card bills during the 50-day period post demonetisation in the new Income Tax Return (ITR) form.
Tamil Nadu man deposits Rs 246 crore in old currency, to pay 45% tax under PMGKY
Mon, Mar 27, 2017
Under the PMGKY scheme, out of the total amount deposited 50% of the amount is taxed and 25% of the amount is kept with the government or Reserve Bank of India as non-interest bond for four year.
Only 70% citizens feel charges on cash transaction are a bad decision: Survey
Tue, Mar 07, 2017
The survey said, “Consumers are of the opinion that instead of reducing the cost of digital transactions, private banks are trying to show the stick to the customer and forcing them to go digital. Consumers are very concerned with the cost of digital transactions and many of them have reported that merchants are still charging 2% additional for debit, credit or wallet transactions.”
Benami Act violators to face double whammy of legal action: Income Tax Department
Fri, Mar 03, 2017
The Income Tax Department on Friday warned that those who undertake Benami transactions would invite Rigorous Imprisonment (RI) of up to seven years and such violators would also stand to be charged under the Income Tax Act (I-T Act).
To discourage cash transactions, HDFC Bank & others begin minimum levy of Rs 150 on cash deposits & withdrawals
Thu, Mar 02, 2017
To discourage cash transactions and boost the digital payments, banks like HDFC Bank and others have started charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.
Over 5.27 lakh taxpayers respond to IT department's 'Operation Clean Money '
Tue, Feb 14, 2017
"The explanation of cash deposit submitted by the taxpayer is being analysed in the context of nature of business and business profile in the earlier returns of the taxpayer," said the Ministry of Finance.
Deposits in lakhs made post-note ban under tax scanner: Officials
Thu, Feb 02, 2017
The first phase data from the government`s "Operation Clean Money", launched earlier this week, has revealed deposits worth lakhs of crores in old notes made after demonetisation into accounts and are being scrutinised by Indian tax authorities, senior officials have said.
Union Budget: Average deposits of Rs 3.31 crore made in 1.48 lakh accounts during demonetisation
Wed, Feb 01, 2017
Demonetisation revelations continued as the Union Budget was announced on Wednesday by Finance Minister Arun Jaitley.
Income Tax Department launches Operation Clean Money to verify demonetisation data with tax payers' filings
Tue, Jan 31, 2017
India's Income Tax Department has launched Operation Clean Money on Tuesday to verify deposited demonetised notes with tax payer's IT filings.
Demonetisation: Private entities to analyse data vis-a-vis Income Tax Return, Tax Deducted at Source
Thu, Jan 26, 2017
Post demonetisation, the Income Tax department has started the process of engaging private entities to match the data with I-T return or other information of assessees.
Govt analyses cash deposits in last 10 days of demonetisation
Sun, Jan 22, 2017
Expanding scrutiny of suspicious transactions post demonetisation, the government has begun analysing deposits in new accounts and loan repayments as well as transfers to e-wallets and advance remittance for imports during the last 10 days of deadline to turn in junked notes.
Quoting of PAN card number now mandatory for bank accounts
Sun, Jan 08, 2017
The government on Sunday announced amendments to the Income-tax rules that banks need to obtain and link PAN card numbers to all existing accounts.
Cash deposit deadline extended for those outside country
Sat, Jan 07, 2017
This facility will be available for those who are not residents of India till June 30 "in order to allow them adequate time to plan a visit as per their convenience", it said.
Demonetisation: RBI's rules and roll-backs since November 8
Thu, Dec 22, 2016
Prime Minister Narendra Modi shocked the country on Nov. 8 by abolishing 500 and 1,000 rupee notes, which accounted for 86% of the cash in circulation. The move was aimed at cracking down on the shadow economy, but has brought India`s cash economy to a virtual standstill.
Rs 13 lakh crore in old notes deposited in banks post demonetisation, says Govt
Thu, Dec 15, 2016
The government on Thursday informed the Supreme Court that Indian banks have received Rs 13 lakh crore old notes in cash deposits after the demonetisation announcement on November 8.