Income Tax Department Update for Gold Merchants of Kolkata

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IDS 2016 - Income Tax
IDS 2016 - Income Tax

Kolkata, August 12, 2016: “The Income Tax Department has made major changes in the Income Tax Act and Income Tax Rules during the last two years with regard to collection of information from traders, car dealers, mutual funds, banks and Registrars of properties,” stated Shri S. S. Rana, Director of Income Tax, Intelligence and Criminal Investigation, Kolkata. Vide Finance (No. 2) Act, 2014 Section 285BA was amended making it obligatory for certain persons to furnish statements of financial transactions or reportable accounts, Shri Rana added while tracing the background of this amendment.

A book entitled “Guidance Notes of Furnishing of Statement of Financial Transaction” was published on this occasion.

Income Tax - Gold Business
Income Tax – Gold Business

Shri Priyabrata Pramanik, Addl. Director, Intelligence and Criminal Investigation, Kolkata made a power point presentation on the amended version of the Sec 285BA Income Tax Act and Rules 114B to 114E. While Rule 114B applicable w.e.f. 01.01.2016 makes it mandatory to quote PAN in transactions like purchases of motor vehicles, opening of bank accounts, cash payments of hotel or restaurant bills exceeding Rs. 50,000, sales and purchases of immovable property exceeding Rs. 10 lakh and purchases of jewellery exceeding Rs. 2 lakh. In case the person does not have PAN, he is required to fill up Form No. 60 and enclose proof of his identity as well as his address. The banks, mutual funds, travel agents, motor vehicle dealers and traders are then required to upload the details of these transactions at the website of Income Tax Department  www.incometaxindia.gov.in in Form Nos. 61  and 61A.

The conference was organised by the Directorate of Income Tax, Intelligence and Criminal Investigation, Kolkata with the leading jewellers, gem traders and bullion merchants of West Bengal to create awareness of the new provisions so that there is no non-compliance due to ignorance of law.

Shri Bablu Dey, Working President, Swarna Shilpa Bachao Committee, welcomed all the participants and highlighted their willingness to adopt the new system. Many technical queries were raised by the jewellers which ware answered by Shri Pramanik and other professionals present.

For more details, Shri Priyabrata Pramanik, Addl. Director, Intelligence and Criminal Investigation, Kolkata may be contacted at 94331 31726 or 94326 73509.