been made by unknown persons, the FAQ said the assessee should disclose such deposits with his remarks in a separate column.
been made by unknown persons, the FAQ said the assessee should disclose such deposits with his remarks in a separate column.
Providing details on answering queries by tax department in a set of 35 FAQs, it said that in case a taxpayer has deposited someone else's cash in his account, he will have to disclose the "name and respective details of the person to whom the cash belongs".
If one bank account pertaining to an assessee is reported more than once on the e-filing portal, then he has to give details for one account and an amount of zero can be mentioned in the amount column of the repeated account and the remarks 'duplicate bank account' may be entered in the remarks column.
The FAQ said the cash deposit amount includes both specified bank notes as well as other currency, including new currency notes, irrespective of the denomination.
If the cash deposit amount displayed is not correct, then the assessee can mention the correct amount in the e-filing portal and such cases may be sent to the information source for confirmation, it added.
The portal will also give an option to submit details of other bank accounts in which specified bank notes (SBNs) have been deposited, the tax department said as it asked assessees to use the latest version of Internet browsers to file responses.
As regards the charitable trusts, the I-T department said they should disclose source of cash receipts and donations under various heads like cash withdrawn from bank accounts, received from identifiable persons with or without PAN and also cash receipt from unidentifiable persons.
With regard to professionals, it said they should give the details of cash received from identifiable persons with or without PAN and also from un-identifiable persons. Also, if the cash receipt is more than Rs 20,000 from a single person, the details should be furnished.
If the account displayed does not belong to the assessee, but belongs to another entity of which the assessee is an authorised signatory, then he can select the option 'The account does not relate to this PAN' and click on submit button.
In case the cash deposited has already been disclosed under the Income Declaration Scheme, 2016, the amount should be shown under cash out of earlier income or savings with details.
With regard to the money received by petrol pumps, toll plazas and hospitals which were permitted to receive old notes beyond November 8, the FAQ said the details of cash sales of business may be provided. The nature of business will be considered while assessing the response.
(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)
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