Rs 2 lakh and above deposits should be declared in IT returns
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.
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