Income Tax Department which focussed on bank deposits post the launch of demonetisation took an unexpected turn. IT Sleuths have been now monitoring the deposits since April last year.
Reportedly, IT Department directed Banks and Post Offices to submit details regarding deposits between April 1st and November 9th, 2016. Even Banks were asked to direct the account holders who didn't furnish PAN or Form 60 (a deceleration form filed by an individual who doesn't have PAN) at the time of opening bank account to do it by February 28th.
Banks were directed to document PAN or Form 60 submitted by the account holders under Rule 114B of I-T Act.
Already, IT Department asked Banks and Post Offices to bring to its notice deposits above Rs 2.5 lakh in Savings and Rs 12.5 lakh in Current accounts.