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: Central Excise rule to resale the machines to a new company :: TDS :: articles on VAT and GST in India :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: VAT RATES :: ACCOUNTING STANDARD :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: cpt :: due date for vat payment
 
 
« News Headlines »
 Income Tax Department expands list of deposits, transactions under scrutiny
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA
 How much income tax you should pay on investments in gold?
  Best ways to save tax in 2017
 8 unknown stocks that could yield huge returns

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 2017 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