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

by IBNS 19 Jan 2017, 11:56 am

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.