Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: Central Excise rule to resale the machines to a new company :: VAT RATES :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: cpt :: VAT Audit :: empanelment :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: ACCOUNTING STANDARD
« News Headlines »
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest

I-T circular puts Rajkot co-op banks on backfoot
July, 29th 2006

The I-T departments plan of tracking down money laundering has met with resistance from co-operative banks in Rajkot, a major city in Gujarat. The department had plans to keep tabs on all the depositors having fixed deposits of more than Rs 2 lakh in the co-operative banks.
The I-T department recently issued a circular to all co-operatives, asking them to furnish details of all depositors who have fixed deposits of more than Rs 2 lakh. According to this circular, all co-operative banks in the state will have to provide details of its depositors to the I-T department on a quarterly basis.

However, this move has not gone down well with co-operatives in Gujarat, especially in Rajkot. The co-operative bankers here feel that there is hardly any co-operative bank that has depositors having fixed deposit of more than Rs 2 lakh. Industry sources said the move would increase work-load of co-operative banks.

Bankers also believe, is not possible to track such depositors because there are 250 co-operative banks in Rajkot alone. How is the IT department going to scrutinise all the details? questioned one of the bankers.

Co-operatives have been brought under tax net this year and now the Centre is trying to bring small depositors under its scanner.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions