« Top Headlines » Open DEMAT Account in 24 hrs  How can Form 15G & Form 15H save TDS on interest income?  How are e-filing and e-payment of taxes different? Know details here  Income Tax return (ITR) filing 2024: What is Form 16, when is issue date and why is it crucial? Explained  Step-by-Step Guide To File Income Tax Return FY 2023-24  Income-tax filing: Should you file your returns in April or wait until July 31?  ITR Filing: 6 Ways to Get Exemption on Income Tax  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here «  Television editor sues channel for sweat equity... Portfolio management profits to be taxed at 10%... » Big co-op depositors on I-T radar July, 19th 2006 The tax department is gradually tightening the noose on cooperative bodies. After bringing profit-making cooperative banks under the income tax ambit, the Central Board of Direct Taxes is now vetting a proposal to make it mandatory for all of them to furnish the list of depositors with cash deposits aggregating over Rs two lakh in their savings bank account and time deposits. As of now, scheduled banks provide the list of depositors with cash deposits of Rs 10 lakh or more in their savings bank account in a financial year. Some of the big cooperative banks such as Saraswat Bank, Cosmos Bank figure in the list of scheduled banks. This information on depositors is being furnished through the annual information returns (AIR) filed by third parties, including banks. Tax officials are matching such high-value investments made by individuals with their income tax returns to check if they are paying less or evading taxes. Revenue authorities now want to widen the AIR net and make it mandatory for all cooperative banks to provide the list of those having cash deposits above Rs 2 lakh in their savings banks. The recommendation has been made by a high-level committee on restructuring the role and functions of the Central Information Branch (CIB), chaired by SK Sharma, chief commissioner, Income Tax (Pune). The panel is also for expanding the AIR basket to cover time deposits of over Rs two lakh in cooperative banks. It is widely perceived that a huge amount of money is being laundered through the cooperative banking channel. The move to collect information on depositors having savings deposits above a certain threshold in cooperative banks is intended to curb money laundering, if any, said Mr Sharma.