Income Tax Dept conducted workshop for Banks/postoffice

Hyderabad January 19: At the time of demonetisation, we all know that banks had received huge deposits from the Public and as well from black money holders. The black money holders deposited in order to convert black into white.The Directorate of Income Tax (Intelligence & Criminal Investigation) here has conducted a workshop for banks - Co-operative Banks and Post Offices of Telangana state on filling of details of cash deposits from November 9 to December 30 at Income Tax Towers here today.Delivering the inaugural address of Income Tax Commissioner Gopinath, said in order to verify the sources of cash deposits and bring the tax to the unaccounted cash deposits.Income Tax Department has undertaken the task of collecting, collating, aggregating and analyzing cash deposits made in the Bank accounts and Postal accounts. For the purpose, the banks, including co-operative Banks and Post offices have been asked to submit the respective information to Income tax Department through online by January 31. He also said those who deposited Rs. 12.5 lakh or more in one or more current accounts (or) Rs 2.5 lakh or more in one or more SB Accounts during the period of November 9 to December 30, 2016, should also be reported.Gopinath further said the same workshop would be organized in Vijayawada on January 19 in respect of those located in Andhra Pradesh to sensitize and equip the Banks and Postal Authorities to furnish proper information. Officials from various Banks, senior officers of the Income Tax Department participated in the workshop.