Benami Transactions
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The document summarizes key aspects of the Benami Transactions (Prohibition) Act in India. It was passed in 2016 to curb black money. Key points: 1) The Act came into force on November 1, 2016. It replaced the previous Benami Transactions (Prohibition) Act of 1988 and renamed it the Prohibition of Benami Property Transactions Act. 2) A benami transaction is one where the actual owner of the property is different than the named owner. It aims to identify transactions done in bogus names or where the real beneficiary is not traceable. 3) Failure to provide PAN details for property transactions over 10 lakh rupees or non-deduction of TDS
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The document provides information on the impacts of demonetization in India. It discusses how demonetization aims to tackle black money, eliminate fake currency, and lower cash transactions. It outlines tax impacts for honest taxpayers versus dishonest taxpayers. It details the process of depositing cash in banks, potential inquiries by tax departments, and requirements to explain cash sources. It also covers proposed penalties for unexplained cash deposits, impacts of benami transactions, and details of the Pradhan Mantri Garib Kalyan Yojana tax amnesty scheme.
THE BENAMI TRANSACTIONS (PROHIBITIONS) AMENDMENT ACT
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The document compares amendments proposed by the Indian government to the Benami Transactions (Prohibition) Amendment Bill of 2015. Key proposed amendments include narrowing the definition of benami transactions, exempting certain property transfers where stamp duty was paid, and allowing authorized representatives during adjudication proceedings. The Standing Committee on Finance had recommended some of these amendments, including qualifications for the Appellate Tribunal Chairperson. The Committee also suggested addressing unaccounted wealth through income tax laws and digitizing land records instead of a separate benami law.
Benami properties Act
Very recently, Benami Property Act was enacted to control black money in India. After demonetisation huge Benami Transactions were recorded. The Act should be taken seriously.
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The document summarizes the potential economic consequences of India's demonetization of 500 and 1000 rupee notes in November 2016. It is expected to reduce black money in the parallel economy by blocking cash holdings. In the short run, money supply and demand may decrease until new notes circulate, potentially lowering prices of goods purchased with cash like real estate. Various sectors relying on cash, like agriculture and small businesses, may face short-term disruptions. However, alternative payment methods and the formal economy are expected to strengthen in the long run.
Demonetisation.
History of Currency : Ancient Coinage, paper, Indian Rupee
Evolution Coins, to paper to Bank Money
Financial Inclusion
Reforms - Adhar cards,Jan Dhan Yojana, GST
Benefits of GST
Why demonetisation is needed?
Suggested by Dr. Ambedkar
Benefits - Unearthing Black Money, Revenue to Govt., Shift to Bank Money
welcomed globally.
Short-term pains
Demonetization
This presentation is just designed in public interest and also to make the term DEMONETIZATION lucid to understand. Dont forget to hit like button before you proceed to download. And stay tuned to my channel so that I can serve you better by providing you ppt on current topics............
Demonetization
Prime Minister Narendra Modi announced that Rs 500 and Rs 1000 banknotes would no longer be legal tender as of midnight. This was an act of demonetization in India aimed at combating black money and corruption. Demonetization involves removing a currency's status as legal tender and replacing it with a new currency. Previous examples of demonetization in other countries are discussed.
Demonetisation 2016 - Sandeep Jhunjhunwala
The document provides background information on India's demonetization initiative in 2016. It discusses how the Indian government made high denomination banknotes of Rs. 500 and Rs. 1000 invalid, and introduced new notes of Rs. 2000 and Rs. 500. The key objectives were to curb black money, counterfeit currency, and terror funding. It outlines the operational guidelines issued, potential benefits like reducing corruption and inflation. Short term impacts included cash shortages and economic disruptions. Long term benefits may include greater tax compliance, reduced real estate prices, and boosting digital payments. Ensuring adequate currency supplies and support measures were important considerations for the policy.
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The Benami Transaction (Prohibition) Amendment Act , 2016
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THE BENAMI TRANSACTIONS (PROHIBITIONS) AMENDMENT ACT
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Benami Transactions
- 1. JRA & Associates. Chartered Accountants http://www.jraca.com B 15 (LGF) | GK Enclave-II | New Delhi | 110 048 | India
- 2. Benami word is originated from Persia which means “No Name” or “Without Name”. In this benami transaction bill, the word benami is used to point out the transaction in which the owner of the property is not the actual/real beneficiary of the property.
- 3. Effective Date • With a view to curb the menace of black money, Parliament on the 10th August,2016 had passed the Benami Transactions (Prohibition) Act, after assurance from Finance Minister Arun Jaitley. • In exercise of the powers conferred by sub-section (2) of section 1 of the Benami Transaction (Prohibition) Amendment Act, 2016(No. 43 of 2016), the Central Government hereby appoints the 1st day of November, 2016 as the date on which provisions of the said Act shall come into force. • "The rules and all the provisions of the Benami Transactions (Prohibition) Act shall come into force on November 1, 2016. After coming into effect, the existing Benami Transactions (Prohibition) Act, 1988, shall be renamed as the Prohibition of Benami Property Transactions Act, 1988(PBPT Act)," a CBDT statement said. • “A Joint/Additional Commissioner of Income-tax, an Assistant/Deputy Commissioner of Income-tax and a Tax Recovery Officer have been notified to perform the functions and exercise the powers of the Approving Authority, Initiating Officer and Administrator, respectively under the PBPT Act,” the statement added.
- 4. Benami Transactions Benami Transaction means the transaction in which the person who pays for the property does not hold/own the property and the person who hold/own the property is not the one who pays for it. In simple words the amount is paid by one person and the property is held by another person for direct or indirect benefit to the payer.
- 5. What will not be considered as Benami Transactions? Following transactions are not considered as Benami Transactions and are excluded from the scope of the Benami Transaction (Prohibition) Bill, 2015: Property held in the name of the children or spouse through know income sources; Property jointly held with brother, sister or lineal ascendant or descendant for which the amount is paid out of known sources of income; HUF buying property in the name of the Karta; Property held by someone in fiduciary capacity such as a trustee, executor, partner or director of a company.
- 6. Nature of transactions which will be considered as a benami transaction? Benami Transactions includes: Transactions which are carried out in bogus names; or Where the person who owns the property denies knowledge of the ownership; or Where the person who paid consideration for the property i.e. real beneficiary is not traceable or fictitious. Further, Benami Transactions shall include assets (movable or immovable, tangible or intangible), any right or interest, legal documents, even gold or financial securities could qualify to be Benami.
- 7. As PAN is required if a transaction (sale/purchase of Immovable property) is worth above INR 10 Lakhs (Rule 114B of the Income Tax Act,1961). Under such a situation, it is mandatory that the person involved in the transaction (Buyer) quotes the PAN. If he or she fails to do so, it will immediately drag attention of the authorities. They may also look for cases where TDS is not deducted (Sec. 194-IA of TDS). How will Govt. come to know that a person is a benamidar ?
- 8. Steps Taken for Confiscation of Benami Property The authorities will first send a notice to the person who can be a benamidar. Depending on the situation in hand, the initiating officer may decide to keep the property on hold for a period of 90 days. However, in order to keep a property on hold, the initiating officer will need a permission from Approving Authority. Once the notice period ends, the initiating officer may actually decide to increase the property holding time. At this point, the initiating officer will simply refer the case to the Adjudicating Authority. The initiating officer will have to provide various evidences and documents to ensure that the claim the officer is making is authentic. On the basis of the documents that the initiating officer sends to the Adjudicating Authority, the Adjudicating Authority may pass the permission to tag the property as benami or otherwise. If the Adjudicating Authority passes the order for confiscating the property, the case will be passed on to the administrator. An individual however can always go ahead and challenge the order of the Adjudicating Authority. The appeal has to be filed with Appellate Tribunal. If the individual thinks that the decision of the Appellate Tribunal is not justified and is incorrect, an appeal can be made with the High Court to get a resolution.
- 9. Proposed Fine or Punishment under the Benami Transaction Bill? Offence Imprisonment Penalty/Fine Person found guilty Minimum : Not less than 1 year Maximum : 7 years Penalty of 25% of the Fair Market value* of the property Intentionally provides false information Minimum :Not less than 6 months Maximum : 5 years Fine of 10% of the market value* of the property *Market value of the concerned property would be taken as the value that property would fetch on sale in open markets or in any other case, help of the registered valuer will be taken.
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