VIJAYAWADA: All banks, including cooperative banks, and post offices, have been asked to give details of persons who had deposited ₹12.5 lakh or more in current accounts and ₹2.5 lakh in savings account between November 8, 2016 and December 31, 2016, to the Income Tax Department.
A press release issued by the Directorate of Income Tax Department (Intelligence and Criminal Investigation) here on Friday said the Income Tax Department is going to undertake the task of “collecting, collating, aggregating and analysing” cash deposits made in banks and post offices. These financial institutions have been asked to submit necessary information online to the directorate by January 31.
The press release said that a workshop had already been conducted in Vijayawada on Thursday to “sensitise and equip” the bank and post office authorities to furnish the information in the proper format.
The salient features of the web portal and modules for sending the data online were explained to those who attended the workshop. It was made clear to the banks and other institutions that inspections would be conducted after January 31 to verify the completeness and accuracy of the information furnished, and that heavy penalties would be given and prosecution launched against erring and defaulting banks.
