1. नकदी लेन देन संबंधी आयकर नियम समस्या एवं सुझाव
सीए. पंकज शाह

2. फेसबुक पर रईसी दिखाने पर आयकर का नोटिस
गगन राव पाटिल, आगरा। फेसबुक पर अपनी रईसी दिखाने का शौक है तो जरा संभल जाइए। इस शौक के चलते आयकर विभाग के शिकंजे में फंस सकते हैं। हाल में विभाग ने ऐसा करने वाले 20 लोगों को नोटिस जारी किए हैं। ये लोग आगरा, मथुरा, फीरोजाबाद, झांसी, इटावा, शिकोहाबाद, मैनपुरी से ताल्लुक रखते हैं। सोशल साइट देखकर नोटिस भेजने का आगरा का यह अपनी तरह का पहला मामला बताया जा रहा है।
अभी तक आयकर विभाग द्वारा तहसील से प्रॉपर्टी की खरीद-फरोख्त, ऑटो मोबाइल डीलर से चार पहिया वाहनों की डिलीवरी, बैंक से बड़े लेन-देन, होटलों से महंगी पार्टी आदि जैसी जानकारी हासिल की जाती रही है। इस आधार पर विभाग की ओर से नोटिस भी जारी होते रहे हैं।
पिछले कुछ सालों में सोशल मीडिया लोगों के लिए अपनी रईसी दिखाने का नया माध्यम बन चुका है। विदेशों में घूमने-फिरने की फोटो, होटलों में पार्टी करते हुए फोटो, महंगी कारजैसे फोटो अपलोड किए जाते हैं। विभागीय सूत्रों ने बताया कि पिछले माह 20 लोगों को नोटिस भेज जवाब मांगा गया है। ये भी इसी तरह की लगातार पोस्ट के कारण विभाग की नजरों में आए। इनके रिटर्न देख आगे की कार्रवाई की जाएगी। वहीं इस समय आय के हर स्रोत पर गौर किया जा रहा है।

6. Incentivizing non-cash transactions.
Discouraging Cash
Disallowances
Higher taxation
Penalties
TCS
Reporting by AIR
Incentivizing non-cash transactions.

7. Disallowances

8. 40A(3) and (3A) any expenditure in respect of which
payment or aggregate of payments made
to a person in a day,
otherwise than by an A/c payee cheque….
exceeds specified limit
shall be disallowed

9. Limit applies to payment to a party at one time
Limit applies to cash portion of payment 
Limit applies to all items in a bill,
Limit applies to each transaction
Direct deposit of cash in Bank account
by party

10. CROSSED CHEQUE vs. A/C PAYEE CHEQUE
There is clear distinction between a crossed cheque and an account payee cheque as in account payee cheque banks are directed to credit amount of an account payee cheque only in account of payee and no other person while crossed cheques are endorsed in favour of a person other than drawee making it difficult to trace constituent of money and thus, crossed cheque is violative of section 40A(3) - Rajmoti Industries v. Asstt. CIT [2014] 45 taxmann.com 72/223 Taxman 428 (Guj.)

11. Limit of Cash transaction
Section 40A(3) Limit
Limit of Cash transaction
Reduced from to 10000
Introduced in Year 1969 with Rs.2500
Was increased in 1987 from 2.5k to 10k
Was increased in 1996 from 10k to 20k
However limit for freight payment remains at Rs.35000
G.J. Shah & Company

12. Disallowance of Depreciation
Asset purchased in cash above specified limit
Cash component to be ignored in actual cost
Depreciation disallowed now

13. Section 80D Mediclaim not allowable in cash
Other Disallowances
Section 80D Mediclaim not allowable in cash
Section 80G Donation upto Rs.2000/-
Section 80GGA, 80GGB, 80GGC

14. Higher Taxation

15. Section 68 – Unexplained Cash Credits
Unsecured Loans
Onus on Assessee
Identity
Creditworthiness
Genuineness
Fixed slab – 30% for earlier period
S.115BBE – 60% + Surcharge 25% + Penalty

16. Sojiram Ispat (ITAT Delhi)
Received from Debtors
Acknowledgement
Identifiable
Sojiram Ispat (ITAT Delhi)

17. Tuition, Knitting, Stiching, etc.
Qualifications
44AD, 44ADA
Reasonable
Section 115BBE - Unexplained income
30%
85%
Unreasonable

18. Unexplained Investment
Section 69
Unexplained Investment
Cash deposit in Bank – Undisclosed sources
Fixed slab – 30% for earlier period
S.115BBE – 60% + Surcharge 25% + Penalty

20. Survey and Search Income tax survey at Indore jeweller showroom
Mar 11, 2017, AM IST
deposited a sum of approximately Rs 10 crore into bank accounts.
I-T dept starts countrywide raids against petrol pump, LPG distributors
Published:March 18, :30 am
Compared sales increase as compared to earlier period
Income tax department surveys offices of 16 civic contractors
TNN | Mar 5, 2017, AM IST

21. Data analytics will play a great role
Long Cash holding
Large cash held for long period for business assessee may not be accepted
Data analytics will play a great role

22. Revision of Sales Tax Return
Department may not accept the revised returns
May Apply preponderance of probabilities
Sumati Dayal (SC)
Durgaprasad More (SC)

23. Peak Credit Income? 30,000 18,000 20,000 Particulars Withdrawal
Deposit
Balance
Cash
10,000
Self
5,000
15,000
20,000
3,000
12,000
Total
18,000
30,000
Income?
30,000
18,000
20,000

24. Accommodation Entries
Unaccounted Cash
Real Estate
50C, 56 and 43CA Guidelines
Accommodation Entries
LTCG
Unsecured Loans

25. TCS

26. Cash sale of goods and services
TCS provisions
Cash sale of goods and services
In excess of Rs. 2 Lakhs per transaction
One percent of Cash component
Sale of Motor vehicle
Exceeding Rs. 10 Lakhs
One percent of Sale value

27. Penalties

28. New Penalty Provisions
Underreporting
50%
Misreporting
200%

29. Section 269SS and 269T Loans or advance or Specified sum
Exceeding Rs.20,000 from a person
Penalty equal to amount of Loan
On Recipient
On acceptance and repayment
Eg. Hundi, Property advances covered

30. Ban over Rs.3 Lakhs was recommended by SIT
Section 269 ST
Ban over Rs.3 Lakhs was recommended by SIT
No person shall receive 3L or more in
aggregate from a person in a day or
respect of a single transaction or
In respect of transactions relating to one event or occasion from a person
G.J. Shah & Company

31. Case Studies A makes following payment to B
Rs against Bill no.5 on and
Rs against Bill no.10 on
A and C pays Rs. 2 Lakhs and Rs. 1.5 Lakhs resp. to B against Bill no.5 for Rs.3.5 Lakhs?
A pays to B as follows for his son’s marriage
Rs. 1 Lakh on
Rs. 2 Lakh on and Rs.1 Lakh on
G.J. Shah & Company

32. Reporting

33. AIR Information Cash deposit of Rs.10 Lakhs or more in Saving A/c
Property purchased for Rs. 30 Lakhs or more
Credit card payment
Investment in MF

34. AIR for Tax Audit cases Rule 114E of I.T. Rules
Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature
CBDT’s Notification No. 91/2016
transactions did not require aggregation and the reporting requirement is on receipt of cash payment exceeding Rupees Two Lakh for sale of goods or services per transaction.

35. Ledger Receivable For the period 01.04.16 to 31.03.17 Particulars Dr.
Cr.
To Sales
3,00,000
To Cash
2,10,000
1,30,000
2,20,000
Total
4,30,000

36. Sale or purchase, by any person, of goods or services
Quoting of PAN
Rule 114B of I.T. Rules
Sale or purchase, by any person, of goods or services 
More than 2Lakhs per transaction

37. Incentives

38. No books of accounts to be maintained
Presumptive taxation
Section 44AD
Digital turnover – 6% Net Profit
Cash turnover – 8% Net Profit
No books of accounts to be maintained
Turnover Limit Rs. 2 crores

39. Negotiable Instruments Act
How safe is Cashless?
Cyber Frauds
Negotiable Instruments Act

42. Benami Law

43. Rest all sections applicable from 19-5-1988
Prospective from
Sec.3 - Prohibition ,
Sec.5 - Confiscation &
Sec.8 - AA
Rest all sections applicable from 43

44. Section 3 – Consequences
No person shall enter into Benami Transaction else
Old Offence
Jail upto 3 years or
Fine
After
Jail from 1 to 7 years AND
FINE upto 25% of FMV 44

45. Confiscation (Section 5)
Any property being subject matter of benami transaction will be confiscated by govt
NO COMPENSATION 45

46. No Claim (Section 4) real owner or on his behalf anyone,
cannot file suit or any action or claim
against benamidar nor claim any defence 46

47. Some take aways Maximum cases mobile and email of consultant
Multiple Id and no.’s which are dormant
Check spams and other mail folders
The Assessee should ensure if there is any intimation
Update No. of client
Secondary contact of consultant

48. THANK YOU CA. PANKAJ SHAH F.C.A., C.S., LLB(HONS.), DISA, BBA 48 48 48 48 48 48