News
India
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.
.jpg)
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.
More News
- Sona College student Team Nexus AI designs an intelligent PLC programming assistant
- Ind.AI: Sovereignty, jobs, energy and the “What If?”
- Diabetes, muscle loss and the illusion of quick fixes: Why lifestyle correction—not shortcuts—remains our strongest medicine
- Kolkata: Rotary honours Padmashri 2026 awardee Pandit Tarun Bhattacharya
- Kolkata: Rotary Club of Calcutta Pointers, Indian Cancer Society host cancer awareness, screening camp
- ‘This Union budget is about building capacity, not chasing short-term consumption’
- AI will replace surgeons, coders — and billions of jobs, warns Sraddhalu Ranade at MCHD-SKC Memorial Lecture
- Religion without servility: Journalist Anshul Chaturvedi on why Vivekananda speaks to believers and atheists alike
- Culturist Sundeep Bhutoria unveils anthology When Gods Don't Matter at Jaipur LitFest 2026
- Kolkata CP urges elderly to stay alert against digital scams at ‘Pronam’ interaction
Middle East war pushes airf ...
Amid the ongoing Middle East conflict, global flight operations continue to face disruptions, with limited services and rising airfares affecting travellers across several regions.
Flying just got costlier: A ...
Air India on Tuesday announced a phased increase in fuel surcharges across its domestic and international network, citing a sharp rise in aviation fuel prices triggered by the ongoing conflict between Iran and the United States in the Middle East.
India on High Alert: 50 Fli ...
The Ministry of Civil Aviation on Monday said Indian carriers are planning to operate around 50 flights between India and the Middle East region amid ongoing tensions in the Gulf that have significantly disrupted flight movements.