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I-T dept firm on bringing co-op banks under scanner
July, 19th 2006

Opposition by the co-operative banks to bringing them under the income-tax scanner is not going to deter us from looking into their accounts. An audit would be ordered to check, Mr S.K. Sharma, Director-General (Investigations), Income-Tax, Pune Region, and Mr P.C. Varma, Chief Commissioner Income Tax, Pune, said here today.

Talking to presspersons he said this was the first time that the co-operative banks have come under the income-tax returns net and said there was lot of unaccounted money that was lying in these banks.

Mr Varma said all deposits in the savings accounts in the co-operative banks should also be brought under the annual information returns.

The inclusion of the co-operative banks under the IT returns was a recommendation that has floated since the last budget.

Mr Sharma said the other source of collecting returns was from the educational institutions and all the donations from anonymous sources would be taxed. About 70-80 per cent of the capitation fees came in from the anonymous donations and the Pune division alone accounted to nearly Rs 100 crore.

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