ITR form seeks info on deposits post-note ban

The information is also to be furnished in the new onepage, simplified ITR-1 ‘Sahaj’ form for taxpayers who have income from salary, a house property or earn interest totalling up to Rs 50 lakh. The ITRs forms for assessment year 2017-18 were notified by the Central Board of Direct Taxes (CBDT). Column Part-E of the ITR1 form seeks information on cash deposits made by the assessee between November 9, 2016 and December 30, 2016 if the ‘aggregate cash deposits’ during this period were Rs 2 lakh or more. 

A similar column has been provided in all the other six ITRs forms launched on Friday. Giving the rationale behind the move, a senior official said, “While the government has issued notices under Operation Clean Money after it detected certain large suspicious deposits by people, there could be other instances of deposits of over Rs 2 lakh being made.”