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Our aim is to wipe out black money from Indian economy, says IT Director in Kolkata
16 Aug 2016, 09:56 am
Kolkata, Aug 15 (NITN): The aim of the Income Tax Department is to wipe out black money from the Indian economy, said S.S. Rana, Director of Income Tax Department (Intelligence & Criminal Investigation), Kolkata at a conference on Friday.
The conference, organised by The Income Tax Department to discuss some new transaction-related rules, was also attended by gems and jewellery traders and bullion merchants of West Bengal.
Priyabrata Pramanik, Additional Director of Income Tax (Intelligence & Criminal Investigation) Kolkata was present too.
S.S. Rana said at the start of the conference: “We are here to inform you about the new provisions of the IT Act.”
He informed that several provisions of the IT Act have been changed from April 1, 2015.
Section 285 BA of the Act issues obligation to furnish statements of financial transactions.
According to Rana, under the new provision from April 1, 2015 a large number of people are required to inform the Income Tax Department about select transactions.
Under the rule 114B of this section, quoting the PAN number during transactions by traders, was made mandatory.
“All traders are required to abide by the provision of 114B," the Director said.
He added: “It is the obligation of the traders to ensure that the information given by the buyers is correct” and this could be verified by a trader through the online system immediately.
Rana also explained the alternative way to furnish, to the IT department, financial statements of those people who do not have PAN cards.
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Priyabrata Pramanik, Additional Director said: “By this enactment, we intend to have fair trade practices.”
He explained the new provisions of the Act through a power point presentation.
PAN is mandatory for various purchase amounts for different categories, like purchase of jewellery over two lakhs of rupees per year.
Pramanik also said that the rules have been implemented to "check tax evasion and to detect non-filers of tax."
He also gave details of penalties that a defaulter would have to face.
Penalties include Rs 100 per day of default, Rs 500 on non compliance to notice calling for return by IT Department and Rs 5,000 for providing inaccurate information in the statement.
The panelists also unveiled a guide book on statement of financial transaction, during the conference.
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