Seminar on Furnishing Of Statement Of Financial Transaction under the Income Tax Rules & Acts – The Institute of Chartered Accountants India

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Income Tax Act and Rules
Income Tax Act and Rules

 

Income Tax Act And Rules
Income Tax Act And Rules

 

Directorate of Income tax Intelligence and Criminal Investigation, holds a Seminar  with members of the Chartered Accountants of India, Eastern India Regional Council to apprise them about the recent changes brought into the Income Tax Act and Rules of Furnishing Statement of Financial transaction sand the role of tax professionals in curbing the circulation of Black money.

The Directorate of Income Tax Intelligence and Criminal Investigation held a seminar. The Objective of this seminar was to make Chartered Accountants fully aware about the changes that have been brought to the Income Tax Act & Rules effective from this year to curb the circulation of Black Money. and the roles in the Tax Professionals are required to play in this regard.

Shri. S. S. Rana, Director Of Income Tax & Intelligence and Criminal Investigation), Kolkata, Spoke the background behind the introduction of various new provisions in the Income tax Act and rules. he stressed the imperative need to amend the rules to the strengthen the machinery in curbing the growth of parallel economy, particularly cash transactions. He stated that it is now mandatory quote PAN of customers for all Transactions above credit limit, And the stiff penalties non-compliance now attracts.

Shri. Priyabrata Pramanik, additional Director of Income Tax (Intelligence and Criminal Investigation), Kolkata deliberated in detail about the provisions in Section 285BA of the Income Tax Act and 114B to 114E of the Income Tax Rules. He stated that in the cases of purchasing of Motor Vehicles, Opening of new bank accounts, Including Current Accounts, D Mat Accounts, Credit Or Debit Cards, Payment by cash above 50,000 rupees in any hotel or restaurant, to anybody for foreign travel, Mutual funds,bonds or debentures, bank drafts or pay orders, time deposits, life insurance Premia,etc. and any single transaction for receives above rupees 2 lakhs, quoting of PAN is compulsory in all transactions.

The addresses were followed by a lively question-and-answer session in which a number of questions were asked and answered, with detailed discussions.