Commissioner of Income Tax, Hyderabad-2, Ch. Omkareshwar informed the general public not to allow other persons to deposit money into their bank accounts, as they could come under the scanner of the I-T Department.
“Deposit your money in your bank account and not allow others to use your account for depositing their untaxed money,” he said. He urged people to pay taxes on their income and carry out their financial transactions through the bank.
Addressing a press conference along with Joint Commissioner of I-T, Karimnagar, K. Rama Rao here on Friday, Mr. Omkareshwar claimed that the demonetisation of high value currency notes was yielding good results in the country, and in the long run it would benefit the country and the people. He hoped tax collections would increase considerably with the digitisation of financial transactions using online payments, and debit and credit cards.
Stating that they had issued 25 crore PAN cards in the country till March 2016, and every year been adding additional two crore PAN cards, he said only five crore PAN card holders were filing their income returns. They had a target to ensure at least 10 crore PAN card holders file their I-T returns in the coming days.
Banks were given instructions to open additional 30 crore accounts and provide debit cards to the customers. In order to check benami transactions, the Union government had passed the Benami Transactions Prohibition Act. People should disclose their property details through e-passbook from April 1, 2017, he said, adding that unclaimed properties would be taken over by the government.
With regards to the shortage of currency, Mr. Omkareshwar said the government had bought Rs. 2,000 currency notes to tide over the problem of exchange, and assured that Rs. 500 currency would be made available in all ATMs soon. He predicted that Rs. 2,000 currency notes would be stopped very soon.
Expressing concern over deposit of Rs. 21,000 crore in Jan Dhan accounts after the announcement of demonetisation in the country, he said those account holders should deposits of only Rs. 50,000.
The banks were planning to provide more point of sale (PoS) swiping machines to traders and shops for cashless transactions.
Banks planning to provide more PoS swiping machines to traders for cashless transactions
