Demonetisation: Bank servers to be linked to I-T department
Non-filer Monitoring System of the I-T department had access to verify transaction details of account holders with few conditional inputs.
Hyderabad: The I-T department is keeping an eye on deposits of old currency in banks and its Financial Investigation Unit (FIU) is tracking the transaction details based on PAN numbers.
Following PM Narendra Modi’s announcement on demonetisation, the I-T department has added an option to check the cash deposits — Accounts with cash transactions — on the I-T e-filing website. At the end of the day, users of the e-filing website can verify the cash deposits details with all of their accounts integrated with PAN.
Tech to help in serving notices
The Income-Tax department is keeping an eye on deposits of old currency in banks. Earlier, the Non-filer Monitoring System (NMS) of the I-T department had access to verify transaction details of account holders with few conditional inputs.
An official from the I-T department said, “The NMS wing usually verifies Annual Information Returns (AIR) like cash deposits aggregating to Rs 10 lakh or more in a year in any savings account, payment of Rs 2 lakh or more towards credit card bills, investment of Rs 2 lakh or more in mutual funds, investments of Rs 5 lakh or more in FD bonds, investment of Rs 1 lakh or more in shares and purchase of immovable property valued at Rs 30 lakh or more.”
The official added, “Adopting sophisticated technology, the servers of the I-T department will automatically generate notices in cases of the availability of email addresses. If the email ID isn’t available, I-T staff will serve notices via post.”