Workshop for bank officials over cash deposits post note-ban

By Author   |   Published: 18th Jan 2017   8:37 pm Updated: 18th Jan 2017   8:38 pm

Hyderabad: The Directorate of Income Tax (Intelligence & Criminal Investigation) will hold a workshop in Vijayawada for the officials of banks, cooperative banks and post offices in Andhra Pradesh on filling of details of cash deposits made between November 9 and December 30.

According to an official release, the workshop was conducted here on Wednesday at the Income Tax Towers. “Gopinath (Commissioner of Income tax) further said a similar workshop will be organised in Vijayawada on January 19 in respect of those located in the state of Andhra Pradesh to sensitise and equip the Banks and Postal Authorities to furnish proper information,” the release said.

Officials of various banks, senior officers of the Income Tax Department participated in today’s workshop. Gopinath further said that in order to verify the sources of cash deposits and bring to tax the unaccounted cash deposits, the Income Tax Department has undertaken the task of collecting, collating, aggregating and analysing cash deposits made in the bank accounts and postal accounts.

For this purpose, the banks, including co-operative banks and post offices have been asked to submit the respective information online by January 31 to Income tax Department. He further said that persons, who deposited Rs 12.5 lakh or more in one or more current accounts and Rs 2.5 lakh or more in one or more savings account during the period of November 9 to December 30, 2016 should also be reported.