2000 notes have to be deposited in bulk, first understand the rule of SFT, otherwise income tax notice will come

New Delhi. Ever since the Reserve Bank has announced to take out the 2000 rupee note. People have started running to the bank to exchange notes or deposit them in their accounts. By the way, the RBI has considered the 2000 note valid till September 30 and has appealed to the people to either deposit the currency kept with them in their bank account within the stipulated time or exchange the 2000 note for another currency from the bank. can take.

After this announcement of RBI, many customers are reaching the bank to deposit the 2000 rupee note kept in their account in bulk. If you are also preparing to put the deposited 2000 notes in the account, then first know the rules of Statement of Financial Transaction (SFT). If there is a mistake in this matter, then a notice can also come from the Income Tax Department. Tax experts also say that before depositing a large amount of cash, it would be better to know the rules related to it.

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Banks give transaction information
The SFT rule states that banks have to report all large cash transactions to the Income Tax Department. This transaction information also appears in Form 26AS and Annual Information Statement (AIS) of the depositor. It is worth noting that the limit for depositing cash in the bank is Rs 10 lakh. This amount should be completed in one financial year. If someone has a savings account, then he is given a limit of depositing Rs 10 lakh in a year. Whereas, in the case of current account, a person can deposit up to Rs 50 lakh in his account in a financial year.

Many documents are also necessary
Some documents will also be required to deposit a large amount in your account. One, you have to go to the bank and fill the cash deposit slip. In this, bank details like account number, name and other information will have to be filled. According to the income tax rules, if you want to deposit an amount above 50 thousand in the bank, then PAN must be shown for this. Therefore, if you are going to deposit 2000 notes, then definitely take PAN card with you.

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It is also necessary to tell the source of money
Many times the banks also ask you the source of earning of the money you are going to deposit. Therefore, you have to mention the source of money on the deposit slip. If your PAN card and Aadhaar are not linked, then you will have to take Aadhaar, driving license or any similar valid document for ID proof. If you are sending someone else to the bank instead of you, then send him only after giving your identity card.

When can notice come
The notice of the Income Tax Department can come due to many types of lapses. If you have deposited a large amount of money and are unable to tell its source, then you may have to face such notice. The biggest problem comes when a customer is unable to tell the source of his income. In such cases, the Income Tax Department not only imposes fine, but also collects tax on that income.

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