The income tax (I-T) department is conducting an inquiry into the deposits of over Rs 2.50 lakh in the form of scrapped currency notes at the Vishwas Co-operative Bank. The bank recorded total deposits of Rs 50 crore in 10 days after the demonetisation of big currencies.
The I-T department has collected the documents and is verifying the sources of income of the account holders who deposited cash exceeding Rs 2.50 lakh. The verification is expected to be completed in the next few days.
A day after the demonetisation, there has been a rush at some jewellery shops and at co-operative banks, bringing them under under the scanner of the I-T department.
"We are verifying how many account holders have deposited over Rs 2.50 lakh and what their source of income is. We are looking at the KYC of the account holders and finding out whether there are suspicious banks accounts,"
When contacted, a senior official of the bank, said, "The I-T department wanted information about deposits made in the banks after demonetisation and it was a routine process and not an inquiry. They wanted information about big deposits made in banks after November 8 and we provided them with that."
He said that after demonetisation till date, we got deposits worth Rs 31 crore so far, of which 80 percent is below the amounts of Rs 50,000.
According to banking sources, Vishwas Cooperative Bank was established 19 years ago and has 11 branches across the city, with the main branch located in the Gangapur Road area. It has 141 employees and 10,973 members. By the end of the financial year 2015-16, it had disbursed loans worth Rs 164.97 crore and had fixed deposits of Rs 248.43 crore.
On November 17, the I-T department had conducted a survey at two city jewellers and recovered undisclosed stocks totally worth Rs 2 crore. The department is in the process of imposing fine on these two jewellers.
You can file your ITR with ease via All India ITR.
Source : https://goo.gl/D8Lk8a
Also Read : Last day to pay property tax with old notes
The I-T department has collected the documents and is verifying the sources of income of the account holders who deposited cash exceeding Rs 2.50 lakh. The verification is expected to be completed in the next few days.
A day after the demonetisation, there has been a rush at some jewellery shops and at co-operative banks, bringing them under under the scanner of the I-T department.
When contacted, a senior official of the bank, said, "The I-T department wanted information about deposits made in the banks after demonetisation and it was a routine process and not an inquiry. They wanted information about big deposits made in banks after November 8 and we provided them with that."
He said that after demonetisation till date, we got deposits worth Rs 31 crore so far, of which 80 percent is below the amounts of Rs 50,000.
According to banking sources, Vishwas Cooperative Bank was established 19 years ago and has 11 branches across the city, with the main branch located in the Gangapur Road area. It has 141 employees and 10,973 members. By the end of the financial year 2015-16, it had disbursed loans worth Rs 164.97 crore and had fixed deposits of Rs 248.43 crore.
On November 17, the I-T department had conducted a survey at two city jewellers and recovered undisclosed stocks totally worth Rs 2 crore. The department is in the process of imposing fine on these two jewellers.
You can file your ITR with ease via All India ITR.
Source : https://goo.gl/D8Lk8a
Also Read : Last day to pay property tax with old notes
Comments
Post a Comment