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.
This document summarizes the requirements for quoting permanent account numbers (PAN) for certain transactions in India, as well as the related verification and reporting obligations. It outlines the transactions specified in Rule 114B that require PAN quoting, including purchases over ₹2 lakhs and hotel bills over ₹50,000 paid in cash. It also describes the use of Form 60 for transactions without PAN, the verification of PANs and Form 60s by recipients as per Rule 114C, and the deadline requirements for recipients to file Form 61 with transaction particulars as specified in Rule 114D. Non-compliance can result in penalties, and any false statements can lead to prosecution. The presentation aims to advise entities on
This document provides an overview of the Statement of Financial Transactions (SFT) required under Section 285BA of the Income Tax Act, 1961 and Rule 114E. It discusses that certain entities must file Form 61A to report specified financial transactions exceeding ₹200,000. The document lists 13 types of transactions that must be reported, the entities responsible for reporting them, and penalties for non-compliance. It is intended to help assess an entity's impact and compliance with SFT reporting requirements.
1. The document discusses new provisions introduced in Sections 269ST and 271J of the Income Tax Act regarding restrictions on cash transactions over Rs. 2 lacs and penalties for accountants/professionals providing incorrect information.
2. Section 269ST prohibits the receipt of cash over Rs. 2 lacs and imposes penalties equal to the amount received, while Section 271J allows authorities to impose a Rs. 10,000 penalty on accountants/professionals for each incorrect report or certificate filed.
3. Exceptions to Section 269ST include receipts by government entities and banks, while reasonable cause can exempt penalties under Section 271J.
BANKING LAW & PRACTICE (NI Act, RBI Act, BR Act, Contract Act, Company Act,...Abinash Mandilwar
This document provides an overview of banking law and practice in India. It lists 31 acts, regulatory authorities, and committees that directly or indirectly relate to banking services. The key acts discussed include the Negotiable Instruments Act 1881, the Reserve Bank of India Act 1934, and the Banking Regulation Act 1949. It also outlines various types of negotiable instruments, parties to a bill of exchange, endorsement processes, and key definitions relating to holders and holders in due course under the Negotiable Instruments Act.
Objectives
Introduction
What is Remittance???
Who are Non-residents???
Relevant Notifications and Circulars
Which assets can be remitted?
How are assets remitted?
Legal Compliances (In special cases)
The document discusses provisions around place of supply under the Integrated Goods and Services Tax (IGST) Act. It explains that IGST is levied on inter-state supplies of goods or services. It outlines the key provisions to determine whether a supply is inter-state or intra-state, including looking at the location of the supplier and place of supply. It also summarizes the relevant sections that govern place of supply of goods (Section 10), imports/exports of goods (Section 11), and place of supply of services (Section 12).
Overview of Real Estate (Regulation & Development) ActAdmin SBS
The document discusses the Real Estate (Regulation & Development) Act and its provisions regarding construction approvals, RERA implementation across states, and objectives of the Act. It provides details on the key authorities under RERA including the Real Estate Regulatory Authority and Appellate Tribunal. It summarizes the promoter's mandatory registration requirements, functions of RERA, monitoring of projects, functions and duties of promoters, and rights of allottees as established by RERA.
The document discusses the powers of inspection, search, seizure, and arrest granted to tax officers under the CGST Act, 2017. It outlines that proper officers have the authority to (1) inspect business premises, warehouses, and means of transporting goods if they suspect tax evasion, (2) search and seize goods, documents, or other items useful for tax proceedings if concealed in any place, and (3) arrest individuals suspected of tax offenses. The powers aim to safeguard tax collection and ensure compliance with tax laws by allowing officers to inspect records, audit businesses, and summon individuals or documents as part of investigations.
This document summarizes the requirements for quoting permanent account numbers (PAN) for certain transactions in India, as well as the related verification and reporting obligations. It outlines the transactions specified in Rule 114B that require PAN quoting, including purchases over ₹2 lakhs and hotel bills over ₹50,000 paid in cash. It also describes the use of Form 60 for transactions without PAN, the verification of PANs and Form 60s by recipients as per Rule 114C, and the deadline requirements for recipients to file Form 61 with transaction particulars as specified in Rule 114D. Non-compliance can result in penalties, and any false statements can lead to prosecution. The presentation aims to advise entities on
This document provides an overview of the Statement of Financial Transactions (SFT) required under Section 285BA of the Income Tax Act, 1961 and Rule 114E. It discusses that certain entities must file Form 61A to report specified financial transactions exceeding ₹200,000. The document lists 13 types of transactions that must be reported, the entities responsible for reporting them, and penalties for non-compliance. It is intended to help assess an entity's impact and compliance with SFT reporting requirements.
1. The document discusses new provisions introduced in Sections 269ST and 271J of the Income Tax Act regarding restrictions on cash transactions over Rs. 2 lacs and penalties for accountants/professionals providing incorrect information.
2. Section 269ST prohibits the receipt of cash over Rs. 2 lacs and imposes penalties equal to the amount received, while Section 271J allows authorities to impose a Rs. 10,000 penalty on accountants/professionals for each incorrect report or certificate filed.
3. Exceptions to Section 269ST include receipts by government entities and banks, while reasonable cause can exempt penalties under Section 271J.
BANKING LAW & PRACTICE (NI Act, RBI Act, BR Act, Contract Act, Company Act,...Abinash Mandilwar
This document provides an overview of banking law and practice in India. It lists 31 acts, regulatory authorities, and committees that directly or indirectly relate to banking services. The key acts discussed include the Negotiable Instruments Act 1881, the Reserve Bank of India Act 1934, and the Banking Regulation Act 1949. It also outlines various types of negotiable instruments, parties to a bill of exchange, endorsement processes, and key definitions relating to holders and holders in due course under the Negotiable Instruments Act.
Objectives
Introduction
What is Remittance???
Who are Non-residents???
Relevant Notifications and Circulars
Which assets can be remitted?
How are assets remitted?
Legal Compliances (In special cases)
The document discusses provisions around place of supply under the Integrated Goods and Services Tax (IGST) Act. It explains that IGST is levied on inter-state supplies of goods or services. It outlines the key provisions to determine whether a supply is inter-state or intra-state, including looking at the location of the supplier and place of supply. It also summarizes the relevant sections that govern place of supply of goods (Section 10), imports/exports of goods (Section 11), and place of supply of services (Section 12).
Overview of Real Estate (Regulation & Development) ActAdmin SBS
The document discusses the Real Estate (Regulation & Development) Act and its provisions regarding construction approvals, RERA implementation across states, and objectives of the Act. It provides details on the key authorities under RERA including the Real Estate Regulatory Authority and Appellate Tribunal. It summarizes the promoter's mandatory registration requirements, functions of RERA, monitoring of projects, functions and duties of promoters, and rights of allottees as established by RERA.
The document discusses the powers of inspection, search, seizure, and arrest granted to tax officers under the CGST Act, 2017. It outlines that proper officers have the authority to (1) inspect business premises, warehouses, and means of transporting goods if they suspect tax evasion, (2) search and seize goods, documents, or other items useful for tax proceedings if concealed in any place, and (3) arrest individuals suspected of tax offenses. The powers aim to safeguard tax collection and ensure compliance with tax laws by allowing officers to inspect records, audit businesses, and summon individuals or documents as part of investigations.
This document contains disposal instructions for handling foreign inward remittances received by Axis Bank Ltd. It provides details such as:
1) Standing or transaction-specific instructions for crediting remittances.
2) Currency, maximum amount, and account numbers for crediting amounts in INR, foreign currency, or splitting between accounts.
3) Purpose codes and supporting documents required within 15 days of credit.
4) Declarations that transactions do not involve prohibited entities, third parties, or contravene regulations.
Registered person is liable to penalty under Section 122(2) of the CGST Act for short levy or non-levy of tax or erroneous refund or input tax credit wrongly availed or utilized. Any person for certain offences is liable to penalty under Section 122(3) which may extend to Rs.25,000/-. General or Residual penalty (for which no penalty is separately provided for in this Act,) which may extend to twenty-five thousand rupees under Section 125. No Penalty for minor breaches or omissions or mistakes as per Section 126.
OBJECTIVE
To check if the levy and collection of GST is in order, there also needs to be monitoring of offences committed by any person in contravention to provisions of this Act. The GST Law imposes penalties and prosecution for offences depending on the intention of the person committing the offence. In this Webinar we will be learning about the provisions of the GST Act regarding the major offences, penalty leviable, prosecutions for sepcified offenses and general disciplines relating to penalty.
This pertains to the GST law specifically for IT organisations. This shall help one to quickly understand the law, the transition provisions, certain dos and donts, and the immediate deliverables.
Types of stamps and some concepts of stamp dutyshweta malpani
The document discusses stamp duty in India, including:
- Stamp duty is a tax on certain legal documents, which can be either fixed or variable based on value.
- The Constitution allocates stamp duties on certain documents to the Union, while states retain proceeds of other duties.
- Stamp duty revenue goes primarily to the state government, with some going to the Union for non-commercial instruments.
- Types of stamps include impressed, adhesive, judicial, and non-judicial stamps. Duty can be paid through purchasing stamps or paying cash.
The document summarizes key amendments made to various sections of the CGST Act, 2018 through the CGST (Amendment) Act, 2018. Some of the key amendments include expanding the scope of supply, allowing input tax credit for goods/services received by the registered person even if not physically received, increasing the threshold for composition scheme to Rs. 1.5 crores, and clarifying the treatment of input tax credit for motor vehicles and vessels/aircrafts used for transportation.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on the issuance of covered warrants; amended decree on stamp duties; business license fees and standards assessment business.
At the outset, the new BJP led NDA Government is to be congratulated for winning the General Election with a thumping majority. The agenda of the BJP government in the shape of their visionary Election Manifesto will lead the direction to a Growth oriented, people friendly, consensus driven policies.
The document discusses the new tax deducted at source (TDS) requirements under Section 194-IA of the Indian Income Tax Act for purchases of immovable property worth over 50 lakhs rupees. Key points include that the purchaser must deduct 1% TDS from consideration paid to a resident seller, unless the seller provides their PAN number in which case the rate is 20%. There are exceptions if the value is under 50 lakhs or the seller is non-resident. The document provides guidance on electronic filing and payment of TDS via the NSDL website and outlines requirements regarding TDS certificates and due dates.
K. Vijaya Kumar, Assistant Commissioner of Central Tax in Belgaum, summarized the key provisions around refunds under the GST Act. Section 54 allows refund claims for excess tax paid within two years of the relevant date, and also provides for refund of unutilized input tax credit. Section 55 covers refunds on notified supplies, while Section 56 provides for interest payment on delayed refunds. Sections 57-58 establish a Consumer Welfare Fund for amounts otherwise refundable, to be used for consumer welfare. The document outlines timelines and documentation required for different refund types such as exports, SEZ supplies, and provisional assessments.
1) The document discusses stamp duty collection on stock market transactions in various states like Maharashtra, Karnataka, and Tamil Nadu.
2) These states amended their stamp duty laws to tax "record of transactions" in stock exchanges to make up for revenue lost due to a central law exempting demat securities from stamp duty.
3) Maharashtra collects around Rs. 500 crores annually by charging 0.005% duty on the value of transactions through an agreement with Bank of India Shareholding Ltd.
4) The document examines how Andhra Pradesh could also start collecting stamp duty on stock market transactions by clarifying the applicability of existing laws or amending articles.
The document discusses various provisions related to clubbing of income and deemed incomes under the Income Tax Act. It explains that income of other persons may be included in the assessee's total income in certain cases like transfer of income without transfer of asset, revocable transfer of assets, income of spouse or minor child, etc. It also discusses the concept of deemed incomes where certain amounts like unexplained cash credits, investments, money, etc. are deemed as income of the assessee even if they are not actual incomes. The objectives and key terms related to clubbing of income are also explained briefly.
K. Vijaya Kumar, Asst. Commissioner of C.Excise, presents on the determination of value of goods and services under GST law. The key points are:
1. The determination of value is essential for calculating tax liability under GST law. Section 15 of the CGST Act outlines how to determine the transaction value, which is the price actually paid or payable.
2. The valuation rules provide various methods for determining value when the transaction value is not available, such as open market value, value of like goods/services, and cost plus 10% method.
3. Specific rules cover valuation of supplies between related parties, through agents, and supplies where consideration is not wholly monetary
The document discusses various provisions under section 60-65 of the Indian Income Tax Act regarding clubbing of income. It summarizes the key conditions where income from assets may be taxed in the hands of the transferor rather than the transferee. This includes situations involving revocable transfers, transfers to a spouse or minor child without adequate consideration, and transfers for the benefit of the transferor's spouse or son's wife. Exceptions to clubbing are provided if the transfer was made for adequate consideration or under separation agreement.
TDS or tax deducted at source of 1% is required to be deducted by the buyer when purchasing immovable property worth Rs. 50 lakh or more from a resident seller. The buyer is responsible for deducting TDS and depositing it within 7 days of the month end along with Form 26QB. They must provide Form 16B to the seller within 15 days. Details of both buyer and seller including PAN must be correctly provided. Payment can be made online through net banking or physically at authorized bank branches.
Find out the detailed explanation of the provisions related to Offences and Penalties under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
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............
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.
This presentation discusses benami transactions in light of demonetization. It begins by highlighting key points of demonetization and the Prohibition of Benami Property Transactions Act of 1988. It defines what constitutes a benami property and transaction, providing examples of cash and stock being considered benami property. Exceptions to benami transactions are outlined, along with impacts such as 100% confiscation of benami property and imprisonment. The presentation explains how benamidars (property holders) and beneficial owners (intended beneficiaries) are impacted under the new Act.
This document contains disposal instructions for handling foreign inward remittances received by Axis Bank Ltd. It provides details such as:
1) Standing or transaction-specific instructions for crediting remittances.
2) Currency, maximum amount, and account numbers for crediting amounts in INR, foreign currency, or splitting between accounts.
3) Purpose codes and supporting documents required within 15 days of credit.
4) Declarations that transactions do not involve prohibited entities, third parties, or contravene regulations.
Registered person is liable to penalty under Section 122(2) of the CGST Act for short levy or non-levy of tax or erroneous refund or input tax credit wrongly availed or utilized. Any person for certain offences is liable to penalty under Section 122(3) which may extend to Rs.25,000/-. General or Residual penalty (for which no penalty is separately provided for in this Act,) which may extend to twenty-five thousand rupees under Section 125. No Penalty for minor breaches or omissions or mistakes as per Section 126.
OBJECTIVE
To check if the levy and collection of GST is in order, there also needs to be monitoring of offences committed by any person in contravention to provisions of this Act. The GST Law imposes penalties and prosecution for offences depending on the intention of the person committing the offence. In this Webinar we will be learning about the provisions of the GST Act regarding the major offences, penalty leviable, prosecutions for sepcified offenses and general disciplines relating to penalty.
This pertains to the GST law specifically for IT organisations. This shall help one to quickly understand the law, the transition provisions, certain dos and donts, and the immediate deliverables.
Types of stamps and some concepts of stamp dutyshweta malpani
The document discusses stamp duty in India, including:
- Stamp duty is a tax on certain legal documents, which can be either fixed or variable based on value.
- The Constitution allocates stamp duties on certain documents to the Union, while states retain proceeds of other duties.
- Stamp duty revenue goes primarily to the state government, with some going to the Union for non-commercial instruments.
- Types of stamps include impressed, adhesive, judicial, and non-judicial stamps. Duty can be paid through purchasing stamps or paying cash.
The document summarizes key amendments made to various sections of the CGST Act, 2018 through the CGST (Amendment) Act, 2018. Some of the key amendments include expanding the scope of supply, allowing input tax credit for goods/services received by the registered person even if not physically received, increasing the threshold for composition scheme to Rs. 1.5 crores, and clarifying the treatment of input tax credit for motor vehicles and vessels/aircrafts used for transportation.
Asia Counsel Insights gives readers a concise insight into legal and business developments in Vietnam. This edition has news on the issuance of covered warrants; amended decree on stamp duties; business license fees and standards assessment business.
At the outset, the new BJP led NDA Government is to be congratulated for winning the General Election with a thumping majority. The agenda of the BJP government in the shape of their visionary Election Manifesto will lead the direction to a Growth oriented, people friendly, consensus driven policies.
The document discusses the new tax deducted at source (TDS) requirements under Section 194-IA of the Indian Income Tax Act for purchases of immovable property worth over 50 lakhs rupees. Key points include that the purchaser must deduct 1% TDS from consideration paid to a resident seller, unless the seller provides their PAN number in which case the rate is 20%. There are exceptions if the value is under 50 lakhs or the seller is non-resident. The document provides guidance on electronic filing and payment of TDS via the NSDL website and outlines requirements regarding TDS certificates and due dates.
K. Vijaya Kumar, Assistant Commissioner of Central Tax in Belgaum, summarized the key provisions around refunds under the GST Act. Section 54 allows refund claims for excess tax paid within two years of the relevant date, and also provides for refund of unutilized input tax credit. Section 55 covers refunds on notified supplies, while Section 56 provides for interest payment on delayed refunds. Sections 57-58 establish a Consumer Welfare Fund for amounts otherwise refundable, to be used for consumer welfare. The document outlines timelines and documentation required for different refund types such as exports, SEZ supplies, and provisional assessments.
1) The document discusses stamp duty collection on stock market transactions in various states like Maharashtra, Karnataka, and Tamil Nadu.
2) These states amended their stamp duty laws to tax "record of transactions" in stock exchanges to make up for revenue lost due to a central law exempting demat securities from stamp duty.
3) Maharashtra collects around Rs. 500 crores annually by charging 0.005% duty on the value of transactions through an agreement with Bank of India Shareholding Ltd.
4) The document examines how Andhra Pradesh could also start collecting stamp duty on stock market transactions by clarifying the applicability of existing laws or amending articles.
The document discusses various provisions related to clubbing of income and deemed incomes under the Income Tax Act. It explains that income of other persons may be included in the assessee's total income in certain cases like transfer of income without transfer of asset, revocable transfer of assets, income of spouse or minor child, etc. It also discusses the concept of deemed incomes where certain amounts like unexplained cash credits, investments, money, etc. are deemed as income of the assessee even if they are not actual incomes. The objectives and key terms related to clubbing of income are also explained briefly.
K. Vijaya Kumar, Asst. Commissioner of C.Excise, presents on the determination of value of goods and services under GST law. The key points are:
1. The determination of value is essential for calculating tax liability under GST law. Section 15 of the CGST Act outlines how to determine the transaction value, which is the price actually paid or payable.
2. The valuation rules provide various methods for determining value when the transaction value is not available, such as open market value, value of like goods/services, and cost plus 10% method.
3. Specific rules cover valuation of supplies between related parties, through agents, and supplies where consideration is not wholly monetary
The document discusses various provisions under section 60-65 of the Indian Income Tax Act regarding clubbing of income. It summarizes the key conditions where income from assets may be taxed in the hands of the transferor rather than the transferee. This includes situations involving revocable transfers, transfers to a spouse or minor child without adequate consideration, and transfers for the benefit of the transferor's spouse or son's wife. Exceptions to clubbing are provided if the transfer was made for adequate consideration or under separation agreement.
TDS or tax deducted at source of 1% is required to be deducted by the buyer when purchasing immovable property worth Rs. 50 lakh or more from a resident seller. The buyer is responsible for deducting TDS and depositing it within 7 days of the month end along with Form 26QB. They must provide Form 16B to the seller within 15 days. Details of both buyer and seller including PAN must be correctly provided. Payment can be made online through net banking or physically at authorized bank branches.
Find out the detailed explanation of the provisions related to Offences and Penalties under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
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............
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.
This presentation discusses benami transactions in light of demonetization. It begins by highlighting key points of demonetization and the Prohibition of Benami Property Transactions Act of 1988. It defines what constitutes a benami property and transaction, providing examples of cash and stock being considered benami property. Exceptions to benami transactions are outlined, along with impacts such as 100% confiscation of benami property and imprisonment. The presentation explains how benamidars (property holders) and beneficial owners (intended beneficiaries) are impacted under the new Act.
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.
Indian Government demonetized its high value currency of Rs.500/- and Rs.1000/-. It affected Indian economy to a great extent. Take an insight of the chain of events from November 08 2016. See the effects of demonetization on Indian economy and common man
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.
An whole description about demonetisation in india .Its rules and regulations.Its positive impact and negative impact.When it was started and with which purpose.How people reacted.How the world reacted
The document discusses the Benami Transactions (Prohibition) Amendment Bill, 2015, which seeks to amend the Benami Transactions Act of 1988. The key points are:
1) The Bill aims to amend the definition of benami transactions, establish authorities to deal with such cases, and specify penalties.
2) A benami transaction is one where a property is held under a false name, with the real owner denying knowledge or being untraceable.
3) Certain exemptions like HUF properties are specified. Penalties for benami transactions and false information are increased.
4) Adjudicating authorities and an Appellate Tribunal will be set up to examine cases and hear appeals against confiscating
Demonetisation and its impact on indian economyKomal Vasoya
The document discusses the demonetization of Rs. 500 and Rs. 1000 banknotes by the Indian government in November 2016. It provides background on demonetization and explains the key reasons for the policy, including tackling black money, lowering cash circulation, and eliminating fake currency. The document also outlines several impacts of demonetization on the Indian economy, such as effects on the parallel economy, money supply, banks, demand, prices, and digital transactions. It concludes that while demonetization faced initial execution issues, it will prove positive for India in the long run by making the economy more digitalized.
The document provides an overview of benami transactions and the Benami Transactions (Prohibition) Act 1988 in India. Some key points:
- Benami means "property without name" and refers to transactions where property is purchased in someone else's name without intending to benefit them.
- The 1988 Act was introduced to prohibit benami transactions and recover properties held benami, as such transactions were previously abused to evade taxes, circumvent land ceilings, and commit fraud.
- Under the Act, benami transactions are prohibited and no suits can be filed to claim rights over benami properties. Benami properties are also liable for acquisition by authorities. However, the Act had deficiencies in implementation and scope
The document discusses benami transactions under Indian law. It defines key terms like benamidar and beneficial owner. It summarizes the Benami Transactions (Prohibition) Act of 1988 and the 2011 bill that replaced it. The bill prohibits benami transactions and makes property involved liable for confiscation. It imposes penalties for engaging in benami transactions or providing false information regarding such transactions.
Demonitisation and its effect on indian economyArijeet Dutta
Demonetization refers to the Indian government's decision on November 8, 2016 to remove Rs 500 and Rs 1000 banknotes from circulation. This was done to curb black money, corruption, and counterfeit currency. It has led to short-term hardship as over 85% of currency was removed overnight. However, it is expected to have long-term positive impacts by reducing black money, corruption, and use of fake currency to fund illegal activities. While some sectors face liquidity issues in the short-run, in the long-run it may lead to greater financial inclusion, reduced inflation, lower interest rates, and increased tax revenues as more money enters the formal economy. Economists believe that after initial disruptions, demon
Analysis of Indian demonetisation- All you need to knowShashwat Tulsian
The Central Government has declared that the bank notes of existing series of denomination of the value of five hundred rupees and one thousand rupees shall cease to be legal tender on and from the 9th November, 2016.
Demonetization has been a bold step of our present Government. The real result of it on our nation will be seen in coming year. But here is my study on immediate effects of demonetization on various sectors. I hope it helps..
The document summarizes key aspects of the Benami Transactions (Prohibition) Amendment Act, 2016 in India. It defines key terms like "benami property" and "benami transaction". It establishes authorities like the Initiating Officer, Approving Authority, Adjudicating Authority, and Appellate Tribunal to investigate and rule on benami transactions. The authorities have powers to provisionally attach properties, issue notices, conduct inquiries, and pass confiscation or other orders. Their orders can be appealed to the Appellate Tribunal. The Act aims to curb illegal benami transactions in India.
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
The amendments of Benami Transactions (Prohibition) Act should further enhance India’s attractiveness as an investment destination by encouraging greater transparency in ownership of property. Along with other regulatory changes such as implementation of Goods and Services Act (GST), Real Estate (Regulation & Development) Act (RERA) and Land Digitization, this amendment is a step in the right direction. In the short term, it will lead to a reduction in transaction volumes. However, in the long term, it will help aligning transactions with ethical standards and will increase international institutional investors and financial insitutions participation in this sector.
Taxation of pm garib kalyan yojana 2016 Team Asija
The document provides an overview of the Pradhan Mantri Garib Kalyan Yojana 2016 scheme, which allows holders of black money to declare undisclosed income and pay taxes. Key points include:
1) Declarants must pay a total of 49.9% of the undisclosed income as tax, surcharge, and penalty.
2) They must also deposit 25% of the undisclosed income in a 4-year, interest-free government scheme.
3) This provides an opportunity for black money holders to avoid higher penalties by coming clean, but the effective tax rate after considering inflation is estimated at 57%.
1. The document summarizes a research paper on understanding the concept of demonetization in India, with a focus on its impact. It discusses how the Indian government's decision to demonetize Rs 500 and Rs 1000 currency notes led to significant disruption in the economy and hardship for many, especially the poor.
2. While the goal was to curb black money, corruption, and terrorism, questions emerged about the transparency of the decision and its negative consequences. Replacing 86% of currency in circulation caused major issues for businesses and citizens unprepared for a transition to digital payments.
3. The costs have disproportionately impacted the poor, including remote and rural communities with limited banking access. Some analyses suggest the decision did
The recent move of the Indian government to demonetise the currency notes of Rs. 500 & Rs. 1000 denominations has resulted in a huge furore throughout India. It has thrown up a large number of tax related issues. Some of these are covered in this presentation that was prepared on 20th November.
Presentation on MSME - Cash Less Economy - Relevant to Direct TaxesAdmin SBS
1. The document outlines income tax rates for individuals, HUFs, AOPs, BOIs, and AJPs in India for the fiscal year 2017-18. It provides tax slabs and rates for residents below 60 years of age, residents aged 60 or more, and residents aged 80 or more.
2. Key highlights from the tax rates include a rebate of Rs. 2,500 for resident individuals with income up to Rs. 3.5 lakh and tax rates ranging from nil to 30% depending on the income slab. Surcharge of 10-15% is applicable if total income exceeds Rs. 50 lakh or Rs. 1 crore respectively.
3. The
The document discusses India's 2016 demonetization scheme in which Rs. 500 and Rs. 1000 banknotes ceased to be legal tender. It aims to curb black money and counterfeit currency. Higher denominations are more likely to be used for unaccounted transactions. There is no threshold for depositing old notes in banks, but deposits over Rs. 2.5 lakh will be reported. Depositing unreported cash may lead to tax investigations and penalties depending on the source and justification provided. The document provides details on relevant tax laws and potential consequences.
This document contains information about an advocate and tax consultant located in Chennai, India along with their contact details. It then provides summaries of India's previous demonetization efforts in 1946 and 1978. It discusses the 2011 Supreme Court case directing an investigation into black money and steps taken between 2011-2016 to address the issue. The document also contains statistics on Jan Dhan bank accounts and concludes with potential tax implications of the 2016 demonetization.
This document summarizes key aspects of the Indian government's demonetization efforts in 1946, 1978, and 2016 as well as proposed amendments to tax laws relating to undisclosed income and assets.
The summaries cover: the limited impact of the 1946 demonetization which mostly resulted in currency exchanges; key details and impacts of the 1978 demonetization; timelines and public reactions surrounding the November 2016 demonetization; proposed amendments increasing tax rates on undisclosed income to 60% and introducing new penalties; and details of the Pradhan Mantri Garib Kalyan Yojana 2016 allowing declaration of undisclosed assets by paying tax at 49.9%.
Section 269ST and 271J of the Income Tax Act 1961 place limitations on cash transactions and introduce penalties for professionals who provide incorrect information.
Section 269ST bans the receipt of more than Rs. 2 lacs in cash per day or transaction from a person. It also prohibits the receipt of over Rs. 2 lacs in cash for a single event or occasion from a person. Anyone who receives funds in violation of these rules will be penalized an equivalent amount.
Section 271J introduces a penalty of Rs. 10,000 for accountants, merchant bankers, or registered valuers who furnish incorrect information in any report or certificate provided under the Income Tax Act. It aims to ensure professionals conduct proper due diligence before
Anti Money Laundering regulations in Kenya and how they impact businesses especially in light of the introduction of new currency notes, especially the Kshs 1,000 note, and the CBK's Governors statement on the Launch of the new currency notes.
The Pradhan Mantri Garib Kalyan Yojana (PMGKY) is a tax compliance window that allows declarants to declare undisclosed income by paying tax at 30%, surcharge of 10% of tax, and penalty of 10% of income. A minimum of 25% of undisclosed income must be deposited into a 4-year interest-free bond. Declarants must file Form 1 along with proof of tax/deposit payments. If validly declared, the income is not assessable and the declarant cannot reopen past assessments, but contents cannot be used against them otherwise. The scheme aims to bring undisclosed income into the tax net.
1. China will adopt the OECD's Automatic Exchange of Financial Account Information standard to enhance international tax cooperation and transparency.
2. Under this standard, Chinese financial institutions will identify accounts held by non-residents, collect and report account information to Chinese tax authorities, which will automatically exchange this information with tax authorities in other countries.
3. The consultation paper provides details on the due diligence procedures financial institutions must follow to identify reportable accounts, the timeline for implementation, and the types of financial account information that will be reported and exchanged.
The document discusses the Income Declaration Scheme, 2016 introduced by the Government of India to allow voluntary declaration of previously undisclosed income. It provides an overview of key aspects of the scheme such as eligible income, tax rates, declaration process, benefits of declaring under the scheme versus non-disclosure, critical dates and FAQs. Key benefits include immunity from prosecution, penalty and reopening of past assessments for declared income. Undisclosed income must be for periods prior to FY 2016-17 and total tax, surcharge and penalty is 45% of undisclosed income.
- Section 269ST of the Income Tax Act aims to reduce cash transactions and move towards a less cash economy. It prohibits receiving cash amounts of Rs. 200,000 or more from a person in a day, for a single transaction, or related to one event from a person.
- Cash receipts are prohibited if they aggregate to over Rs. 200,000 from a single person in a day, for a single transaction over multiple days, or related to one event from multiple people. Exceptions are made for government entities and transactions covered under other sections.
- Issues around cash withdrawals from bank accounts and e-wallet transactions are discussed, as the section's intent is not to restrict normal business or individual cash needs from
Section 206AA – Rule 37BC
Central Board of Direct Taxes vide Notification No. 53/2016 dated 24.06.2016 has amended the Income Tax Rules, 1962 by inserting a new Rule 37BC through the IT (17th Amendment) Rules, 2016.
This document is the July 2016 issue of Tax Quest, an e-newsletter from K. Vaitheeswaran & Co. advocating tax law. It summarizes recent changes to international taxation, income tax, service tax, central excise, VAT, and CENVAT. For international taxation, it discusses relaxations to TDS for non-residents without PAN, the precedence of DTAAs over section 206AA, and new rules for foreign tax credit. For income tax, it covers the Income Declaration Scheme and recent circulars, as well as expansions to the scope of tax collection at source.
Income Tax Law of Pakistan - TAX CREDITS.pptxSaharSCC
The document discusses various tax credits available to taxpayers in Pakistan under income tax law. It summarizes the following key points:
1. Tax credits are broadly classified into rebates in tax liability and credits for tax already paid. Rebates include foreign tax credits and credits for donations and investments.
2. Provisions for foreign tax credits allow residents credit for foreign income taxes paid up to the lesser of foreign taxes paid or average Pakistan tax rate applied to foreign income. Credit is given separately for different heads of foreign income.
3. Donations to approved institutions can be deducted from total income or allowed a tax credit at the average tax rate, with different limits applying.
Latest Corporate Updates:
TAXATION
1. CBDT Notifies Tax Exemption to Startups from 'Rigour' of Section 56(2)(viib) of Income Tax Act
2. No TDS on Section 10(23DA) payment received by securitisation trust
3. No TDS on payment to payment systems company authorised by RBI
4. Furnishing Annual Information Return- Rules for registration, due diligence & information maintenance
5. CBDT Clarification on Threshold Limit of tax audit U/s. 44AB & 44AD
6. Amendment in Rule 114H of Income-tax Rules, 1962
7. Establishment of Fund of Funds for funding support to Start-ups
8. Cabinet approves Protocol amending the Agreement for avoidance of double taxation and prevention of fiscal evasion with Belgium
OTHERS
1. Premature Closure of PPF Account
SEBI
1. Consultation Paper on Amendments to SEBI (Portfolio Managers) Regulations, 1993 Pursuant to Introduction of Section 9A in The Income Tax Act, 1961
(2)-Athorities under income tax Ramesh Kumar (26-08-2020).pptxPiyushdev2
The document discusses the powers and functions of various income tax authorities in India. It notes that Chapter XIII of the Income Tax Act of 1961 outlines the authorities and their roles. Key authorities include:
- The Central Board of Direct Taxes which oversees income tax administration.
- Commissioners of Income Tax who head local tax administrations and have assessment and revision powers.
- Income Tax Officers who assess tax liability and have investigation powers like summoning documents.
- Commissioner (Appeals) who hear appeals against officer orders and have powers to summon evidence.
The document outlines the appointment process and some key powers of authorities like inspection of documents, calling for information, and resolving jurisdictional disputes.
The document discusses key aspects of income tax in India such as:
- Income tax is a direct tax levied by the central government on citizens' incomes as defined by the Income Tax Act of 1961.
- Income includes earnings from various sources like salary, property, business, profits, capital gains, and others. Deductions are made before calculating tax owed.
- Income Tax Returns must be filed annually showing a person's income sources, deductions, and tax payable or refund amount.
- The history and administration of income tax law in India is also outlined, including definitions of key terms like "assessee," "person," "assessment year," and "previous year."
Prime Minister Modi announced that Rs. 6,500 crore of undisclosed income had been declared under the Black Money Act as part of a one-time compliance window. This allows those with undisclosed foreign assets to declare them by September 30, 2015 by paying a tax and penalty totaling 60% of the assets' fair market value to receive amnesty. The Act aims to curb black money and targets undisclosed foreign income and assets not previously declared in tax returns, imposing a 30% tax on such amounts. It provides an opportunity for tax evaders to come clean before more stringent provisions take effect.
This white paper provides guidelines for establishing an anti-money laundering policy that is compliant with relevant regulations. It defines money laundering and outlines policies for identifying suspicious commercial and consumer account activity. The guidelines specify minimum identification requirements for new accounts, factors requiring enhanced due diligence, dollar limits for filing suspicious activity reports, and procedures for monitoring compliance and identifying high-risk accounts. Sample forms are also included to help document and track suspicious customer activities and transactions.
• Finance Minister Arun Jaitley presented the Union Budget for fiscal 2015-16 in the Lok Sabha.
Budget 2015
• A legendary budget catering to people belonging to all categories of society, with Insurance for poor at Rs. 12 premium as well as reduction of corporate tax.
Similar to Demonitization and its tax impacts (20)
This document discusses the changes to the Income Tax Return (ITR) forms for the Assessment Year 2018-19 compared to the previous year. It covers changes to the applicable ITR forms based on income type, the importance of correctly filing ITR to avoid penalties, changes in law that led to ITR form changes, and specific changes made to ITR forms 1 through 3. Key changes include additional reporting requirements for capital gains, section 50CA, and section 56(2)(x) income.
The document summarizes key changes to the Indian Income Tax law. Some of the major changes include:
- The corporate tax rate has been reduced to 25% for domestic companies with turnover less than 250 crores in FY 2016-17.
- Long term capital gains from equity shares exceeding 1 lakh will be taxed at 10%.
- Deductions have been increased for medical expenditures for senior citizens to Rs. 50,000 and Rs. 1 lakh for very senior citizens.
- Benefits have been extended to startups including a 100% deduction for 3 years for eligible startups incorporated between April 1, 2019 to March 31, 2021 with turnover less than 25 crores.
This document discusses the risks and challenges of e-communication from the Income Tax Department and recommends using a Google Group to address them. It notes that the Income Tax Department communicates via email but only allows one email address per taxpayer. This can cause important emails to be missed if the contact information is not updated. To solve this, it recommends creating a Google Group email that multiple relevant individuals can join. This will ensure all important emails are received by more people and less likely to be overlooked. The benefits are easy tracking of communications and timely responses. It concludes by recommending taxpayers switch from individual emails to a group email for their Income Tax Department correspondence.
This document provides an overview of key transition provisions under the GST Act relating to claiming input tax credit for taxes paid under previous indirect tax regimes. It explains that transition provisions allow earlier taxpayers to migrate to GST with ease by carrying forward eligible input tax credits. It outlines conditions for claiming credits for cenvat, VAT, entry tax and capital goods, as well as for persons who were previously unregistered or exempt suppliers. It also summarizes the process for filing GST TRAN-1 and TRAN-2 forms.
This document provides an overview of the tax deducted at source (TDS) provisions under the Goods and Services Tax (GST) law in India. It discusses who is liable to deduct TDS, the registration requirements, rates and thresholds for TDS, payment and return filing procedures, certificates to be issued, refunds, and comparisons with the previous TDS system under state VAT laws. The key aspects covered are registration under GST for TDS, the 1-2% rates for deduction, monthly payment and return filing timelines, and certificates to be provided to deductees.
- Periodic returns like GSTR-3 (monthly), GSTR-4 (quarterly for composition scheme taxpayers), GSTR-5 (non-resident taxpayers), GSTR-6 (input service distributors), and GSTR-7/8 (tax deducted at source) must be filed by specified due dates each period.
- An annual return (GSTR-9/9A/9B/9C) must be filed by 31 December each year, along with audited financial statements if annual turnover exceeds Rs. 2 crores.
- GSTR-1 provides outward supply details, while GSTR-2 details inward supplies based on GSTR-1 and GSTR-2A (
The document discusses place of supply under the Goods and Services Tax (GST) in India. It states that place of supply is an important factor under GST as it determines whether a supply is intra-state or inter-state, and consequently whether CGST + SGST or IGST is applicable. It then provides details on how to determine the place of supply for inter-state and intra-state supplies of goods and services based on the location of the supplier and recipient. Specific rules are outlined for determining place of supply for various scenarios involving movement of goods, immovable property, transportation, events and other services.
The document discusses the concepts of time of supply and value of taxable supply under the CGST Act.
It outlines various scenarios for determining the time of supply for goods and services. This includes the time of supply for reverse charge transactions, supply through vouchers, and in cases where the invoice is issued before or after the supplier's deadline.
It also discusses how to determine the time of supply when there is a change in the tax rate. Finally, it discusses what values are included and excluded from the transaction value for determining the value of a taxable supply.
The document discusses refunds under the CGST Act. It states that refunds shall be allowed for tax paid on supplies where invoices have not been issued, tax paid but not passed on to others, and unutilized input tax credit. Refund of input tax credit is allowed for zero-rated supplies or when input tax rate is higher than output tax rate. The process for claiming refund requires filing form GST RFD-01 within two years along with supporting documents. Refunds must be granted within 60 days, with interest for delays. Provisional refund of 90% is allowed for zero-rated supplies pending final settlement.
1. There are three key electronic ledgers under GST law - the electronic cash ledger, credit ledger, and liability register.
2. The cash ledger reflects all tax deposits made while the credit ledger contains input tax credits.
3. The liability register shows a taxpayer's total tax liability for a period which is paid by adjusting credits in the ledger or making deposits shown in the cash ledger.
Reverse charge is a mechanism where the liability to pay tax is on the recipient of the goods or services instead of the supplier. The document summarizes the categories of goods and services where reverse charge applies as per the CGST and IGST Acts, including transportation services by GTA, legal services by advocates, sponsorship services, services provided by directors and insurance agents. Rate of tax is also specified for different categories ranging from nil to 18%.
1. The document discusses the rules around input tax credit (ITC) under the CGST Act. ITC is a credit for taxes paid on inputs and can be claimed by registered taxpayers.
2. To claim ITC, the input must be used for business purposes. Certain items like motor vehicles and membership fees do not qualify for ITC. ITC must be claimed within a certain timeframe.
3. The document outlines conditions for claiming ITC such as possessing valid documents and ensuring tax has been paid. ITC of CGST, SGST, IGST, and UTGST can only be utilized in a certain manner.
The document summarizes key aspects of registration under the Goods and Services Tax (GST) law in India. It outlines who is required to register based on turnover thresholds, the timeline for registration, the registration process which involves filing an application and receiving a GST Identification Number (GSTIN), and circumstances under which a registration can be amended or cancelled. It also discusses the structure of the 15-digit GSTIN and specifies that a single registration will be granted per state instead of separate registrations as in some previous indirect tax laws.
1. Migration to the GST system involves obtaining a provisional ID and registration number, but this is not the final registration.
2. Additional steps are required to obtain the final registration certificate, including filing Form GST REG-26 within 3 months and providing required documents.
3. If Form GST REG-26 is not filed correctly or on time, the provisional registration can be cancelled after due process is followed.
This document summarizes the key accounting and record keeping requirements for businesses under the Goods and Services Tax (GST) law in India. It notes that businesses must maintain records of production or manufacturing, inward and outward supplies, stock levels, input tax credits claimed, and output tax payable. Records can be kept electronically or manually and must be retained for 6 years. Businesses with over 2 crore annual turnover must undergo statutory audit. Penalties may be imposed for failing to maintain proper records or providing false information.
This document discusses various types of documents that can be issued under the GST Act, including invoices, vouchers, debit notes, credit notes, and delivery challans. It provides details on the purpose and required contents of each type of document. It specifies the timelines for issuing invoices and vouchers and clarifies when revised invoices or consolidated invoices would be required. The document aims to help registered persons understand their documentation obligations under the GST Act.
The document provides an overview of the key aspects of the Goods and Services Tax (GST) in India, including what GST is, the registration and return filing process, input tax credits, invoicing requirements, and record keeping. It discusses the merger of various indirect taxes into GST and the new tax structure. It also covers transitioning of existing stock, payment of taxes, applicable tax rates, and prerequisites for GST compliance.
GST returns must be filed by taxpayers on a regular basis to report tax liabilities and claims. There are multiple GST return forms depending on the taxpayer category. Taxpayers must self-assess tax obligations and file monthly, quarterly, or annual returns reporting details of outward and inward supplies, input tax credit, tax payable, and tax paid. Input tax credit claims are matched against supplier returns and any discrepancies can result in credits being denied or reversed. Late fees may apply for failure to submit required returns by the due date.
This document provides an overview of input tax credit and payment of GST in India. It outlines the key conditions for availing input tax credit, including possessing valid tax documents and the goods/services having been received. It discusses blocked credits for certain goods/services like motor vehicles. Special circumstances where input tax credit can be transferred, such as business reorganizations, are also covered. The document explains the distribution of input tax credit by an Input Service Distributor and time limits for claiming credits. It concludes with sections on payment of GST and refunds.
This document summarizes the key accounts and records that must be kept under the Goods and Services Tax (GST) in India. It outlines the requirements for tax invoices, credit notes, debit notes, and other documents. It also specifies the accounts and records that must be maintained, including production, inventory, supplies, taxes, and other required documents. All accounts and records must be kept for 5 years or longer if under audit or legal proceedings.
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1. Presented By:
CA. Ashish Kapoor
Presentation
on
Demonetization
and
How it impacts you?
ashish.kapoor@asija.in
2. Contents
1. Tax Impact on Demonetization
2. Demonetization vis a vis Benami Transaction and
its impact
3. Pradhan Mantri Garib Kalyan Yojana, 2016
ashish.kapoor@asija.in2
3. Demonetization in India – Purpose
What is Demonetization ?
W.e.f. 8th of November, 2016, RBI has withdrawn the old `.500/- and
`.1,000/- notes as a legal tender and has asked every person to deposit such
currency in it’s Bank Account before 31/12/2016.
To tackle black money in the economy.
To eliminate fake currency and dodgy funds
which have been used by terror groups to fund
terrorism in India.
To lower the cash transaction with a hope to
bring all transaction from shadow economy to
accounted economy.
Reasons for
Demonetization
ashish.kapoor@asija.in3
4. Who needs to worry?
Honest Taxpayers
If you have `. 500 and `. 1000 notes lying with you, there is no need
to panic if you can explain the source of the cash and prove its
legitimacy.
OR
The surprise move by government is a disaster for people who have
accumulated lakhs and crores of unaccounted cash.
Dishonest Assessees
ashish.kapoor@asija.in4
6. Deposition of Cash in Bank
As per Rule 114B (mandatory quoting of PAN) every person is required to
quote his PAN at the time of depositing cash in bank if:-
Cash deposits made in the bank/ post office exceeding `. 50,000 during
any one day.
Cash deposits exceeding `. 2,50,000 during the period 09/11/ 2016
to 30/11/2016 (inserted from 15-11-2016)
Penalty for non - quoting/ knowingly quoting a false PAN – `. 10,000
ashish.kapoor@asija.in6
7. Enquiry by Department
All the banks and post offices shall furnish to Income Tax Department a
statement whereby they shall report the following transactions :-
Cash deposits aggregating to `. 10 lakh or more in a financial year, in
one or more accounts (other than a current account and time deposit).
To be filled by 31/05/2017.
Cash deposits in bank account or a post office account during the
period 09/11/2016 to 30/12/ 2016 :-
aggregating to `. 12,50,000 or more in one or more current account of a
person or
aggregating to `. 2,50,000 or more in one or more accounts (other
than current account) of a person. To be filed by 31/01/2017.
Details of Cash Deposition can be asked directly from the assessee as per
section 133(6)
ashish.kapoor@asija.in7
9. Explanation - Sources of Cash Deposits
Personal Saving – cash which is set aside for non-immediate use or for unforeseen
emergencies.
Cash in Hand of Business or Profession or Charitable Entities
Stri Dhan – cash saved by a woman during her lifetime, from money received
from family & friend.
Minor Child Fund – Received from family or friend on various occasion.
HUF Fund – Cash Income of HUF or Fund received in marriage.
Loan Fund – From Relative , Friends or for Business Purpose
ashish.kapoor@asija.in9
10. Explanation - Sources of Cash Deposits –
Risk Area
Assessee should be cautious while making claims of sources as loans or
advances towards property transactions as
Section 269SS (Advancing loan)
Section 269T (Repayment of loan)
prohibits cash transactions in excess of `. 20,000 for accepting or
advancing loans and deposits or in relation to transfer of an immovable
property, whether or not the transfer takes place.
ashish.kapoor@asija.in10
11. bullion traders who make cash sales above specified limits (bullion
exceeding `. 2,00,000 and jewellery exceeding `. 5,00,000) and
by sellers who receive sale consideration in cash exceeding `. 2,00,000 for
sale of any goods.
a person involved in a Benami Trasaction - A transaction or an arrangement
in respect of a property carried out or made in a fictitious name
Provisions with regard to collection of tax at source under section 206C
and quoting of PAN of the buyers have to be borne in mind by :-
Explanation - Sources of Cash Deposits –
Risk Area
ashish.kapoor@asija.in11
12. Sources of Cash Deposits – Tax Impact
Unexplained cash credit (Sec - 68), or
Unexplained investment (Section 69), or
Unexplained money, bullion, jewellery etc (Section 69A), or
Investment not disclosed in the books of account (Section 69B), or
Unexplained expenditure (Section 69C), or
Amount borrowed or repaid in Hundi (Section 69D)
in the books of the assessee, for any previous year and the assessee
offers no explanation about the nature and source thereof, or the
explanation is not satisfactory, the sum may be charged to income
tax of the assessee for that previous year
If there are -
ashish.kapoor@asija.in12
13. Tax Impact of Unexplained Cash Deposit
115 BBE Existing Provision
If there is any income in the form of any of the Sections
(68,69,69A,69B,69C & 69D), the income tax payable shall be the
aggregate of
Tax @ 30 % which is the maximum marginal rate
No deduction of expenditure or allowance is available
No set off is available
ashish.kapoor@asija.in13
14. Section 270A is applicable when there is difference between :-
Income as per order passed u/s 143(3) and
Income determined u/s 143(1)(a)
Penalty is provided at the rate of :-
a. 50% of tax if there is under reporting of income
b. 200% of tax if there is misreporting of income
Prosecution u/s 276C
The section has been amended to provide for rigorous imprisonment
(between six months to seven years) where the amount sought to be
evaded, or tax on under-reported income exceeds `. 25,00,000
Tax Impact of Unexplained Cash Deposit
ashish.kapoor@asija.in14
15. Proposed Tax Impact of
unexplained Cash Deposit
1. Government has proposed amendment in Income Tax Act, 1961, through
Taxation Laws (Second Amendment) Act, 2016.
2. The Bill has proposed to amend section 115BBE to increase the rate of
tax in relation to unexplained money, etc. from the existing 30% to 60%.
3. An additional surcharge of 25% of this tax is also levied with respect to
payment of advance tax.
4. In case the undisclosed income is not VOLUNTARILY disclosed by the
assessee in its tax return and the tax thereon has not been paid, then a
penalty of 10% of the tax payable will be levied. (New Section 271AAC).
Thus may lead to impact of tax & penalty ranging from 77.25% to 87.25 %
ashish.kapoor@asija.in15
16. Proposed Tax Impact of unexplained Cash
Deposit
5. In case of search cases, the penalty under section 271AAB of the Act has
also been proposed to be increased to 30% (earlier 10%) where the
assessee admits the undisclosed income, declares such income in tax
return and pays the tax thereon. In other cases, the penalty stands
increased to 60%. Thus may lead to impact of tax & penalty ranging from
107.25 % to 137.25%
ashish.kapoor@asija.in16
18. Prohibition of Benami Property
Transactions Act, 1988 – Key points
This Act was introduced on 5th September, 1988 (having only 9 Sections)
The said Act has been DRASTICALLY amended with effect from 1st November,
2016. (Now having 72 Section)
Demonetisation was declared 7 days after the said amended act was notified!!!
The said act shall be monitored by Ministry of Finance GOI.
The “Initiating officer” & “Approving Authority” shall be officers of Income tax
Department.
“Adjudicating Authority” & “Appellate Tribunal” shall be off the Prevention of
Money-Laundering Act, 2002.
ashish.kapoor@asija.in18
19. What is a “Benami Property” ?
Can Cash or Stock be treated as a Benami
Property ?
“Benami Property” means any PROPERTY which is the subject
matter of a “BENAMI TRANSACTION” and also includes the proceeds
from such property. (Section 2(8)).
“Property” means an asset of any kind, whether movable or
immovable (Thus, Cash is a Property and Stock in Trade is also a
Property as per this Act), tangible or intangible, corporeal or
incorporeal and includes any right or interest or legal documents or
instruments evidencing title to or interest in the property and where
the property is capable of conversion into some other form, then the
property in the converted form and also includes the proceeds from
the property. (Section 2(26)). ashish.kapoor@asija.in19
20. What is a “ Benami Transaction ”?
Benami Transaction - Section 2(9)
A. A transaction or an arrangement in respect of a property carried out or
made in a fictitious name;
For Eg: Sale of stock in trade is made to a fictitious person.
OR
B. A transaction or an arrangement in respect of a property where the
owner of the property is not aware of, or, denies knowledge of, such
ownership;
For Eg: A sum of ₹ 50,000 is deposited in the Bank Account of Mr A. But
Mr A is unware about such deposition or he denies ownership of such
cash so deposited into his account.
ashish.kapoor@asija.in20
21. What is a “ Benami Transaction ” ?
C. A transaction or an arrangement in respect of a property, where the
person providing the cash is not traceable or is fictitious.
For Eg: Where a sum of ₹ 50,000 is deposited into Mr A’s account. But the
depositor is either untraceable or fictitious.
OR
D. Where a property is transferred to, or is held by, a person, and such
property has been provided, or paid by, another person, and
the property is held for the immediate or future benefit, direct or indirect,
of the person who has provided the such property.
ashish.kapoor@asija.in21
22. Exceptions to the Benami Transactions
Following transactions shall not be treated as “Benami”, any property held by:-
The karta /members of the HUF for his benefit or for the benefit of members and
such amount is paid out of the known sources of the HUF.
The person standing in ‘fiduciary capacity’ for the benefit of those for whom he
stands in this capacity and includes a trustee, executor, partner, director etc.
A person being an individual in the name of his spouse or in the name of any
child of such individual and the consideration for such property has been
provided or paid out of the known sources of the individual
Any property held by, any person in the name of his brother or sister or lineal
ascendant or descendant, where the names of brother or sister or lineal
ascendant or descendent and the individual appear as joint-owners in any
document, and the consideration for such property has been provided or paid out
of the known sources of the individual. ashish.kapoor@asija.in22
23. Exceptions to the Benami Transactions
Any transaction involving the allowing of possession of any property to be
taken or retained in part performance of a contract referred to in section
53A of the Transfer of Property Act, 1882 (4 of 1882), if, under any law for
the time being in force,
consideration for such property has been provided by the person to
whom possession of property has been allowed but the person who has
granted possession thereof continues to hold ownership of such
property;
Stamp duty on such transaction or arrangement has been paid; and
the contract has been registered;
ashish.kapoor@asija.in23
24. Impact of Benami Transaction
Any person found guilty of offence under this act shall bear following
consequences:
• 100% of the Benami property will be confiscated (Sec - 5)
• Rigorous imprisonment for a term ranging from 1 year to 7 years
• Levy of fine amounting to at most 25% of fair market value of the benami
property (Sec - 53)
Any person who gives false information:
• Shall be punishable with rigorous imprisonment for a term ranging from 6
months to 5 years
• Levy of fine amounting to at most 10% of fair market value of the benami
property.
No prosecution shall be instituted without the previous sanction of the
Board.
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25. Impact of Benami Transaction
Prohibition on re-transfer of property by benamidar.
No person, being a benamidar shall re-transfer the benami property held by
him to the beneficial owner or any other person acting on his behalf.
Where any property is re-transferred in contravention of the provisions of
sub-section (1), the transaction of such property shall be deemed to be null
and void.
The above provision shall not apply to a transfer made in accordance with
decleartion made under IDS (Income Disclousre Scheme) 2016.
Prohibition of the right to recover property held benami.
No suit, claim or action to enforce any right in respect of any property held
benami against the benamidar shall lie by or on behalf of the Beneficial
owner.
ashish.kapoor@asija.in25
26. Taxation & Investment
Regime For
Pradhan Mantri Garib
Kalyan Yojana 2016
Yet another opportunity to all the Black Money
holders to come out clean by declaring their
undisclosed income and paying heavy taxes and
penalty under the scheme
ashish.kapoor@asija.in26
27. What is Pradhan Mantri Garib Kalyan
Yojana, 2016?
Any person may make a declaration in respect of any income (in the
form of cash/deposit in any bank/post office account) chargeable to
tax under the Income Tax Act for the assessment year 2017-18 (or any
earlier assessment year).
No deduction in respect of any expenditure or allowance or setoff of
any loss shall be allowed against the income so declared.
ashish.kapoor@asija.in27
28. Step wise Process for Making Declaration
Payment of Tax,
Surcharge and
Penalty
Deposition of 25 % of
the disclosed income
in the PM Garib
Kalyan Deposit
Scheme, 2016.
File The Declaration
ashish.kapoor@asija.in28
29. Amount payable by declarant
Tax @30% of income declared (Sec - 199D)
Surcharge @33% of Tax (Pradhan Mantri Garib Kalyan Cess)
Penalty @10% of income declared (Sec - 199E)
ashish.kapoor@asija.in29
30. Pradhan Mantri Garib Kalyan
Deposit Scheme, 2016
1. The person making above declaration shall deposit at least 25 % of
undisclosed income in the Pradhan Mantri Garib Kalyan Deposit
Scheme, 2016 (Sec - 199F).
2. The deposit shall bear no interest and the amount so deposited
can be withdrawn only after 4 years from the date of deposit.
3. Further the depositor shall be required to fulfil such other
conditions as may be specified in the said Deposit Scheme 2016.
ashish.kapoor@asija.in30
31. The Insider View
So do you think the effective pay out by the declarant is 49.9% ?
NO
Its not just 49.9% tax of undisclosed income
• The notional loss he suffers due to the
lock in period of 4 years due to deposit made under this
scheme; and
The inflation rate
Makes the effective rate equal to about 57%.
ashish.kapoor@asija.in31
32. An Illustration
Under Pradhan Mantri Garib Kalyan Yojna 2016 Amount
Undisclosed Income 10,00,000
Tax on Undisclosed Income (u/s 199D) (@ 30%) 3,00,000
Surcharge (@ 33% of tax) 99,000
Penalty (@ 10% of income declared) 1,00,000
Total Tax on above (@ 49.9%) 4,99,000
Deposit in Deposit Scheme (@ 25%) 2,50,000
Future Value of the Deposit account (Since, it is locked for 4 years &
average inflation of 8 %)
1,79,100
Indirect Loss as on this day 70,900 or 7.1%
Total loss( 49.9 % + 7.1 % ) 57 %
ashish.kapoor@asija.in32
33. Declaration when void
Where a declaration has been made by:-
Misrepresentation or suppression of facts or
Without payment of tax and surcharge as specified u/s 199D or
Without payment of Penalty as specified u/s 199E or
Without depositing the amount in the Deposit Scheme as specified u/s
199F
such declaration shall be void and shall be deemed never to have
been made under this Scheme.
Importantly, any tax and surcharge paid under this scheme shall
not be refundable. (Sec-199K)
ashish.kapoor@asija.in33
34. Advantages of the Scheme
The undisclosed income will not be included in total income of
the declarant for any assessment year.
Nothing contained in any declaration shall be admissible in
evidence against the declarant for the purpose of any
proceeding under any Act (other than certain specified Acts as
detailed in slide 18).
It would be the last chance to come clean for black money
holders. Any detection of black money by AO thereafter (other
than search cases) would attract 83.25% tax.
The declaration can be made for the current year as well as for
any previous assessment years.
ashish.kapoor@asija.in34
35. Disadvantages of the Scheme
No deduction in respect of any expenditure or allowance or set-off of any
loss shall be allowed against the income in respect of which a declaration
is made.[Sec - 199C (2)]
A declarant under this Scheme shall not be entitled, in respect of
undisclosed income, to re-open any assessment or reassessment made
under the Income-tax Act or the Wealth-tax Act, 1957.
Any amount paid as Tax, surcharge or penalty, under this scheme shall
not be refundable.
Declaration can be made only for Cash deposition and not for any other
assets.
ashish.kapoor@asija.in35
36. Disadvantages of the Scheme
Immunity under Benami Transaction Act or other such law is
not being provided.
No immunity against the tax and interest in case of other tax
laws like service tax, sales tax, etc is available.
The provisions of Chapter XV of the Income Tax Act relating to
liability in special cases and Section 119, Section 138 and
Section 189 shall apply in relation to proceedings under this
scheme.
ashish.kapoor@asija.in36
37. On whom does the scheme
not apply?
The deposit scheme shall not be available to persons involved in or
indicted in the specified manner in any illegal activity as covered
under the following Acts:-
The Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974;
Chapter IX or Chapter XVII of the Indian Penal Code;
The Narcotic Drugs and Psychotropic Substances Act, 1985;
The Unlawful Activities (Prevention) Act, 1967;
The Prevention of Corruption Act, 1988;
The Prohibition of Benami Property Transactions Act, 1988 and the Prevention of
Money Laundering Act, 2002;
Any person notified under section 3 of the Special Court (Trial of Offences Relating to
Transactions in Securities) Act, 1992;
ashish.kapoor@asija.in37
38. Any
Queries??Thank You
• DISCLAIMER:-
This presentation has been prepared to provide a gist of the applicable law pertaining to Demonetization
and relevant sections of Taxation Laws (Second Amendment) Bill, 2016 was introduced in Lok Sabha.
For detailed insight and for better understanding of the various provision of the said law, the said
presentation should be read along with related provision of Income Tax Act, 1961 and Income Tax
Rules,1962, Prohibition of Benami Property Transactions Act, 1988 (modified by Benami Transactions
(prohibition) amendment Act, 2016 and the Finance Act, 2016.
We shall not be responsible for any decision taken on the basis of the said presentation, without
obtaining our professional guidance or consultation on the matter for which reliance was made on this
presentation.”
ashish.kapoor@asija.in38