HomePersonal FinanceIncometaxCash Deposits - Online Verification on Income Tax Site

Cash Deposits – Online Verification on Income Tax Site

cash deposit

Online verification of Cash Deposits is started on Income tax e-filing portal. If you have deposited high-value cash in your account, time has come to verify your transaction. The information in regards of cash deposit has been made available on Income tax e-filing portal. Additionally, E-mail and SMS is sent by Income tax department for submitting an online response for cash transaction done during demonetization. Let’s take a look at the process to be followed for online verification of “Cash Deposit” on Income tax site. This operation is also called as Operation Clean Money.

Cash Deposits – Online Verification on Income Tax Site

The information relating to cash deposits will be displayed to the PAN holder in the e-filing portal (after log in). The taxpayer can view the information as under –

Step-1 – Login to e-filing portal at https://incometaxindiaefiling.gov.in
Step-2 – Click on “Cash Transactions 2016” link under “Compliance” section.
If no cash deposits are made or if cash deposits match with your income tax return, it will display a message – “Presently, you are not required to submit any response.”

cash deposits

Step – 3- If your case is selected for scrutiny, the details of transactions related to cash deposits during 9th Nov to 30th Dec 2016 will be displayed.

cash transactions

You have two options (1) The account relates to this PAN (2) The account does not relate to this PAN.
If you select the response option “The account relates to this PAN” the screen for capturing details will be displayed.

cash transactions

If information referred does not belongs to your PAN you need to select option “The Account does not relate to this PAN” then message “Your feedback will be sent to the information source for confirmation.” will be displayed. On clicking the submit button, the success message along with Transaction ID is displayed on the Screen.

Also Read – 10 Ways to Convert Black Money to White

You need to provide following information –

  • Source of Cash Deposit which could be Cash out of earlier Income or Saving.
  • You can also opt the Cash Deposits are exempted from tax.

In addition to that following options are available

  • Cash Withdrawn out of bank account.
  • Cash received from identifiable persons with PAN.
  • Cash received from identifiable persons without PAN.
  • Cash received from unidentified person.
  • You also have option to disclose cash under PMGKY scheme.

cash deposits

Once you are done with completion of form filing exercise click on submit button. Success Message containing Transaction ID will be displayed.

You can view your submitted response and status under “Cash Transaction 2016” Tab.

You need to respond  within 10 days of getting this message from the IT department. Even if you did not deposit much money in your account, do check your e-filing account.

Shitanshu Kapadia
Shitanshu Kapadia
Hi, I am Shitanshu founder of moneyexcel.com. I am engaged in blogging & Digital Marketing for 10 years. The purpose of this blog is to share my experience, knowledge and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment , tax, financial advice or legal opinion. Please consult a qualified financial planner and do your own due diligence before making any investment decision.