What you should know about the monthly tax return of cash deposits.
To understand a little more about this tax return, we have to explain what is meant by cash deposits? This is the name of the deposits in national or foreign currency that are made in any type of account that the individuals or legal entities have in their name in the institutions of the financial system, as well as cash purchases of cashier checks.
Corporations with the obligation to file this return are interest-paying financial institutions that choose to file information about cash deposits made by the taxpayer that is also an accountholder in the same financial institution in amounts that exceed a monthly accrued quantity of $15,000.00 Mexican pesos, as well as of all the cash purchases in the form of cashier checks.
This means that these institutions report directly to the SAT about the deposits that individuals or legal entities make in the month when the amount of these deposits is greater than $ 15,000.00 Mexican pesos.
The deadline to file this monthly tax return is the 10th day of each calendar month following the month to which it corresponds. That is, the tax return corresponding to March shall be filed on April, in other words, the tax return is overdue.
Regarding interest-paying financial institutions whose customers do not receive in one or several months cash deposits that exceed the monthly accrued quantity of $ 15,000.00 Mexican pesos, they must report monthly in the tax form IDE-M, without transactions for the period in question.
Cash deposits shall not be considered as those made in favor of individuals or legal entities through electronic transfers, account transfers, negotiable instruments, or any other document or system agreed with the interest-paying financial institutions under the provisions of the applicable laws, even when they are responsibility of the same institution that receives them.
Income Tax Law Article 55; Regulation of Income Tax Article 94; Resolutions of Periodic Amendments to the Tax Law Regulations 3.5.12., 3.5.13., 3.5.14. and Procedure 75/ISR of Exhibit 1-A