December 26, 2024 12:31 am (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Canada announces change to immigration system, likely to impact Indians seeking permanent residence | Azerbaijan Airlines tragedy: 32 passengers rescued, flight attempted several emergency landing before crashing | Man sets himself on fire near Parliament building; locals, police rush him to hospital | Azerbaijan Airlines passenger plane enroute to Russia with over 70 people onboard crashes in Kazakhstan | Atishi will be arrested in fake case, claims Arvind Kejriwal after Delhi govt disowns health and women's schemes | Delhi govt departments disown Arvind Kejriwal's major poll promises, AAP chief reacts | 'Our nation will always be grateful to him': PM Modi writes article in tribute to Atal Bihari Vajpayee on his birth centenary | Syria: Christmas tree set on fire by suspected 'Islamists', Christians protest | Pakistan strikes TTP camps in Afghanistan, Taliban government claims civilians killed | Former home secy Ajay Kumar Bhalla appointed Manipur Guv amid ethnic violence resurgence

Income Tax Department holds a conference in Kolkata to apprise bankers about the very recent amendments made in Income Tax Rules

| | Jan 19, 2017, at 10:56 pm
Kolkata, Jan 17 (IBNS): The Directorate of Income Tax Intelligence and Criminal Investigation held a conference at the Aayakar Bhawan recently, on Furnishing of Statement of Financial Transactions under the Income Tax Act & Rules with senior officers of all banks, including cooperative banks, rural banks and post offices, to apprise them about the very recent amendments brought into the Income Tax Rules 114B,114C, 114D and 114E and Form 61A on furnishing information to the Income Tax Department about cash deposits in individual accounts for the period of both pre- and post- demonetization .

Priyabrata Pramanik, Additional Director of Income Tax (Intelligence & Criminal Investigation) Kolkata, while welcoming the participants, outlined the needs to have clean actionable data to be uploaded by banks, cooperative banks post offices, complete with valid PANs. He emphasized that without PANs or Form 60, suitable action within a short time will be difficult to take, even in the case of vital information and Income Tax Rule 114C fixes the responsibility of verification of PANs on the bank officials. Hence banks should populate PANs on a priority basis where it is missing by obtaining it from the depositors immediately.  Shri Pramanik reminded the participants that the last date ends on 31st January 2017 for uploading the relevant information for the cash deposits in different accounts post demonetization in Form 61A.

Vikram Sahay, Director of Income Tax (Intelligence & Criminal Investigation) Kolkata elaborated on the modalities to be adopted by the concerned officials while uploading the relevant information. He pointed out the changes that have been brought in Form 61A by a CBDT notification on 6th January 2017, and the additional information that the banks, cooperative banks and post offices have to furnish. He requested the participants to be cautious about the accuracy of the transactions being reported since the IT department takes action based on these data.

Manish Parasar, Dy. General Manager of Reserve Bank of India, spoke at length on the measures taken by the RBI, post- demonetization. He exhorted all banks, cooperative banks and post offices to fully adhere to the IT rules and upload the correct information in a timely and efficient manner.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.