June 26, 2026 02:40 am (IST)
Follow us:
Our aim is to wipe out black money from Indian economy, says IT Director in Kolkata
Kolkata, Aug 15 (IBNS): The aim of the Income Tax Department is to wipe out black money from the Indian economy, said S.S. Rana, Director of Income Tax Department (Intelligence & Criminal Investigation), Kolkata at a conference on Friday.
The conference, organised by The Income Tax Department to discuss some new transaction-related rules, was also attended by gems and jewellery traders and bullion merchants of West Bengal.
Priyabrata Pramanik, Additional Director of Income Tax (Intelligence & Criminal Investigation) Kolkata was present too.
S.S. Rana said at the start of the conference: “We are here to inform you about the new provisions of the IT Act.”
He informed that several provisions of the IT Act have been changed from April 1, 2015.
Section 285 BA of the Act issues obligation to furnish statements of financial transactions.
According to Rana, under the new provision from April 1, 2015 a large number of people are required to inform the Income Tax Department about select transactions.
Under the rule 114B of this section, quoting the PAN number during transactions by traders, was made mandatory.
“All traders are required to abide by the provision of 114B," the Director said.
He added: “It is the obligation of the traders to ensure that the information given by the buyers is correct” and this could be verified by a trader through the online system immediately.
Rana also explained the alternative way to furnish, to the IT department, financial statements of those people who do not have PAN cards.
Priyabrata Pramanik, Additional Director said: “By this enactment, we intend to have fair trade practices.”
He explained the new provisions of the Act through a power point presentation.
PAN is mandatory for various purchase amounts for different categories, like purchase of jewellery over two lakhs of rupees per year.
Pramanik also said that the rules have been implemented to "check tax evasion and to detect non-filers of tax."
He also gave details of penalties that a defaulter would have to face.
Penalties include Rs 100 per day of default, Rs 500 on non compliance to notice calling for return by IT Department and Rs 5,000 for providing inaccurate information in the statement.
The panelists also unveiled a guide book on statement of financial transaction, during the conference.
(Reporting by Souvik Ghosh)
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
Latest Headlines
Amazon's massive India bet! Andy Jassy announces $48 billion investment after meeting PM Modi
Thu, Jun 25 2026
Rajesh Exports crashes 5%! ED probe triggers fresh investor panic
Thu, Jun 25 2026
Oil prices crash, IndiGo takes off! Aviation and fuel stocks emerge as biggest winners
Thu, Jun 25 2026
Decentralizing Spending Without Losing Control - A Leader's Approach to Modern Expense Governance
Thu, Jun 25 2026
Adani stocks soar! Investors rush in after Gautam Adani unveils massive Rs 2 lakh crore expansion plan
Wed, Jun 24 2026