PAN intimation, AIR reporting & recent changes in TCS. D K Bholusaria
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1 PAN intimation, AIR reporting & recent changes in TCS D K Bholusaria dk@bholusaria.com
2 Today s Goal! Understanding background Section 139A(5) and 285BA(1) Rule 114B~114E Changes as compared to previous requirements Changes in section 206C Penalties for default Discussion and open house
3 Background Government is committed to curb the circulation of black money and widening of tax base Recommendations of the Special Investigation Team (SIT) on Black Money. New rules are expected to be useful in widening the tax net by non-intrusive methods. Expected to help in curbing black money and move towards a cashless economy. (source: Press Information Bureau)
4 Who is required to have PAN? (Section 139A(1)) All persons - if Total Income > Threshold limit Company and Firms Mandatory from day 1 Individuals and HUFs more than 2.5 / 3 / 5 lacs if in business, turnover > 5 lacs in any previous year if required to furnish return u/s 139(4A) Form ITR7
5 Section 139A(5)(c) 139A. Permanent Account number (5) Every person shall (c) quote such number in all documents pertaining to such transactions as may be prescribed* by the Board in the interests of the revenue, and entered into by him: Provided that the Board may prescribe different dates for different transactions or class of transactions or for different class of persons * Rule 114B~114D and form 60 and 61
6 Section 139A(6) 139A. Permanent Account number (6) Every person receiving any document relating to the transaction prescribed under clause (c) of subsection (5) shall ensure that the permanent account number or the General Index Register Number has been duly quoted in the document.
7 Section 285BA(1) Obligation to furnish statement of financial transaction or reportable account. (1) Any person, being long list who is responsible for registering, or, maintaining books of account or other document containing a record of any specified financial transaction or any reportable account as may be prescribed, under any law for the time being in force, shall furnish a statement* in respect of such specified financial transaction or such reportable account which is registered or recorded or maintained by him and information relating to which is relevant and required for the purposes of this Act, to the income-tax authority or such other authority or agency as may be prescribed*. * Rule 114E and form 61A
8 Rule 114B~114D Transactions where PAN is to be quoted in all documents u/s 139A(5)(c)
9 As an overview, the new rules primarily provide for the following: List of PAN reportable and monetary threshold for such reporting transactions (Rule 114B); List of specified persons responsible to ensure PAN is duly quoted or in absence of PAN, a declaration in Form 60 complete details is furnished (Rule 114C); Mode and manner of furnishing by certain specified persons of half yearly statements containing particulars of declarations received in Form 60 (Rule 114D)
10 PAN Intimations Sl# Nature of transactions Old New / Changes 1 Motor vehicles (other than two wheelers) All sales/purchases No change 2 Opening an account with a banking company. (other than time deposit) All new accounts. (Co-op banks not covered earlier) No change except: - Basic Savings Bank Deposit Account excluded - Co-operative banks added 3 Credit card Application to banking company / any other company / institution for credit card No change. Co-operative banks also to comply. 4 Opening of demat account No such requirement in old rule With a DP, custodian of securities (escrow accounts) or any other person registered u/s 12(1A) of the SEBI Act 5 Hotel / restaurant bill(s) > Rs.25,000/- at any one time by any mode of payment Limit changed to Rs. 50,000/-. Mode changed to CASH.
11 PAN Intimations Sl# Nature of transactions Old New / Changes 6 Foreign travel Cash payment in connection with foreign travel of an amount exceeding Rs.25,000/- at any one time (including fare, payment to travel agent, purchase of forex) excluding Haj Travel Limit increased to Rs. 50,000/- All kinds of foreign travel including Haj 7 Purchase of Mutual fund units from Mutual funds 50,000/- for purchase > 50,000/- for purchase 8 Debentures/ bonds issued by company / institution No separate requirement in old rule > 50,000/- for purchase 9 Purchase of RBI bonds No separate requirement in old rule > 50,000/- for purchase
12 PAN Intimations Sl# Nature of transactions Old New / Changes 10 Cash deposit with banking company Rs.50,000/- or more during any one day > Rs.50,000/- during any one day Co-op Banks included (Co-op banks not covered) 11 Cash purchase of bank drafts/ pay orders/ banker's cheques Rs.50,000/- or more during any one day (Co-op banks not covered) > Rs.50,000/- during any one day Co-op Banks included 12 Time deposit > Rs.50,000/- with a banking company (single deposit) (any mode) i. Deposits with Co-op banks, Post Office, Nidhi, NBFC companies will also need PAN; ii. Deposits aggregating to more than Rs.5 lakh during the year will also need PAN 13 Payment for prepaid instruments issued under Payment & Settlement Act (Eg., open wallet) No separate requirement in old rule Rs.50,000/- during any one day - Co-op Banks included - Mode of payment: Cash / DD / Banker Cheque / PO. Cheque / Net banking / NEFT / RTGS / IMPS excluded.
13 PAN Intimations Sl# Nature of transactions Old New / Changes 14 Life insurance premium No separate requirement in old rule > 50,000/- per financial year 15 Sale or purchase of securities (other than shares) 16 Sale or purchase of Shares of Unlisted Company 17 Sale or Purchase of Immovable property 18 Purchases or sales of goods or services Contract for sale / purchase of a value exceeding Rs.1 lakh per transaction No separate requirement in old rule Valued at Rs.5 lakh or more No separate requirement in old rule "Shares" excluded now. > 1 Lakh per transaction i. Sale/ purchase exceeding Rs.10 lakh; i. Properties valued by Stamp Valuation authority at amount exceeding Rs.10 lakh will also need PAN. Purchase/ sale of any goods or services exceeding Rs.2 lakh per transaction.
14 Certain transactions deleted / merged Purchase of new shares of a company Deposit with Post Office Savings Bank Installation of telephone / cell phone connections Purchase of jewellery / bullion
15 Expanded scope of Form 60 Additional Info: A. number of other joint parties involved in the transaction B. mode of payment C. the PAN application number, if applied for D. estimated total income of the declarant, if PAN is not applied for E. A verification stating that he does not possess a PAN and that his estimated total income is below taxable threshold
16 Changes in exempt categories Old Rule a) Non-residents (NR); b) Central Government, State Government and Consular Offices in transactions where they are the payers. c) Persons who have agricultural income and are not in receipt of any other taxable income New Rule a) NRs will now need to furnish PAN (or form 60) for certain reportable transactions* b) Government (Central as well as State) and Consular offices continue to be exempted from all PAN reportable transactions whether they are payers or otherwise. c) Persons earning agricultural income (without any other taxable income) are now required to file a declaration in new Form 60 itself (instead of old Form 61). *Export transactions still exempted
17 Duty of person accepting declaration / PAN info Obliged to verify compliance of PAN reporting Obliged to verify that PAN provided is correct Obtain form 60 is PAN not furnished. Shall not accept form 60 where the amount of income (other than agricultural income) mentioned in column of estimated total income in Form 60 exceeds the taxable threshold unless PAN is applied for by the declarant.
18 E-filing of form 60 (as form 61) Old Rule required every person receiving Form 60 to forward hard copy thereof to the jurisdictional Tax Authority on 6 monthly basis. Instead, now 6 monthly e-filing of particulars thereof along with details of relevant PAN reportable transactions in new Form 61 made mandatory. Hard copy of form 60 to be maintained for 6 years starting from date of receiving. E-filing of new Form 61 does not apply to persons: issuing bills in relation to transactions of hotel payments, foreign travel and sale of any other goods/ services if such persons are not under obligation to get their accounts audited under section 44B.
19 E-filing of form 60 (as form 61) To be submitted with: Joint Director / Director of Incometax (Intelligence and Criminal Investigation) Due dates: 1. Half year ending September 30: October 31st 2. Half year ending March 31: April 30th
20 E-filing of form 60 (as form 61) You need to register and obtain ITDREIN on e-filing portal (one time process). ITDREIN shall be something like: AEKPB1212D.ZZ390 ITDREIN to be generated separately for each type of form 61, 61B, 15CCC. Utility to file form 61 already launched by government. ITDREIN shall be your user id to upload form 61
21 Rule 114E AIR reporting
22 AIR reporting PAN reporting compliance on individual transactions is complemented by AIR obligation for persons who are obligated to verify PAN reporting compliance. AIR involves furnishing of information to Tax Authority on annual basis. Apart from PAN reportable transaction, scope of AIR obligation also extends to certain additional financial transactions like cash withdrawals from bank accounts, credit card transactions etc. The new Rules have modified scope of AIR and monetary thresholds for transactions subject to AIR
23 AIR Significant changes - Additions Nature of Financial Transactions Specified class of persons (reporting persons) Purchase of bank instruments: i. Purchase of bank drafts/ pay orders/ banker s cheque in cash aggregating Rs.10 lakhs in a financial year ii. Purchase of pre-paid instruments issued by RBI under Payment and Settlement Systems Act in cash aggregating Rs.10 lakhs during the financial year Cash deposit / withdrawal* in current account: i. Cash deposits OR cash withdrawals (including through bearer s cheque) aggregating Rs. 50 lakh in a financial year, in or from one or more current account of a person. I. A banking company; or II. A co-operative bank Cash deposits in other accounts: Cash deposits aggregating Rs. 10 lakhs in a financial year, in one or more accounts (other than current account and time deposits) of a person I. A banking company; or II. A co-operative bank III. Post Master General as per Indian Post Office Act * Cash deposits and cash withdrawals limits to be computed independently
24 AIR Significant changes - Additions Nature of Financial Transactions Time Deposits: One or more time deposits aggregating Rs. 10 lakhs in a financial year (other than a time deposit made through renewal of another time deposit) Buy back of shares: Buy back of shares from any person for amount or value aggregating Rs. 10 lakhs in a financial year (other than the shares bought in the open market) Specified class of persons (reporting persons) I. A banking company; II. A co-operative ban III. Post Master General as per Indian Post Office Act IV. Nidhi company V. NBFC registered with RBI to hold public deposits A listed company undertaking buy back of its shares as per Indian Companies Act Sale of foreign currency by Authorised Person: Receipt of funds from any person for sale of foreign currency by Authorised Person including any credit of such currency to foreign exchange card or expense in such currency through a debit or credit card or through issue of travellers cheque or draft or any other instrument of an amount aggregating Rs. 10 lakhs during a financial year. Authorised person under Foreign Exchange Management Act
25 AIR Significant changes - Additions Nature of Financial Transactions Specified class of persons (reporting persons) Cash sale of goods/ services: Receipt of cash payment > Rs. 2 lakhs for sale of goods or services Person (seller) liable for audit under section 44AB (not specifically covered under any other categories of new rule discussed above)
26 AIR - changes in monetary limits Nature of Financial transaction Credit card payments Earlier limit Payments aggregating to Rs. 2 lakhs in a financial year New limit Payments (in respect of one or more cards) aggregating to: 1. Rs. 1 lakh in cash 2. Rs. 10 lakhs by any other mode in a financial year Receipt from any person for acquisition of bonds/ debentures issued by company/ institution (primary subscription) Rs. 5 lakhs Amount aggregating to Rs. 10 lakhs in a financial year [Other than the amount received on renewal of bond/ debenture] Receipt from any person for acquiring shares issued by a company (primary subscription) Rs. 1 lakh (public or rights issue) (share application excluded) (private placement excluded) Amount aggregating to Rs. 10 lakhs in a financial year - share application money included - Private placement included now
27 AIR - changes in monetary limits Nature of Financial transaction Earlier limit New limit Receipt from any person for acquiring units of a Mutual Fund Rs. 2 lakhs Amount aggregating to Rs. 10 lakhs in a financial year [Other than amount received on account of transfer of funds from one scheme to another scheme of that Mutual Fund] Purchase or sale of immovable property Rs. 30 lakhs as per agreement Rs. 30 lakhs as per agreement or as valued by stamp duty authority
28 AIR reporting other changes The new Rule provides clarifications on aggregation for computing the monetary thresholds for AIR (e.g. in case of joint holding in any account or transaction, same information shall be furnished for all joint holders) AIR return to be furnished exclusively online under DSC. Only exception is for Post Master General and Registrar/Inspector General, who may furnish return in floppy/cd/dvd The time limit for furnishing AIR has been preponed to 31 May (instead of 31 August) immediately following the relevant financial year.
29 Changes in TCS
30 Sec 206C(1D) (after proposed changes) (1D) Every person, being a seller, who receives any amount in - cash as consideration - for sale of bullion or jewellery or any other goods (other than bullion or jewellery) or providing any service, shall, at the time of receipt of such amount in cash, collect from the buyer, a sum equal to one per cent of sale consideration as income-tax, if such consideration, (i) for bullion, exceeds two hundred thousand rupees; or (ii) for jewellery, exceeds five hundred thousand rupees; or (iii) for any goods, other than those referred to in clauses (i) and (ii), or any service, exceeds two hundred thousand rupees: Provided that no tax shall be collected at source under this sub-section on any amount on which tax has been deducted by the payer under Chapter XVII-B
31 Changes in section 206C w.e.f 1 st June Section 206C(1): 1% TCS to be collected on sale of Motor Vehicle valuing more than 10 lacs (at the time of receipt of consideration) Section 206C(1D)(iii): 1% TCS to be collected at the time of receipt of amount in cash as consideration; and Sale consideration (sale value) > 2 lacs for sale of all goods (other than Bullion or Jewellery); or providing any services Sub-section 1D not to apply where TDS is deducted Section 206C(1E): Certain exceptions to new section 206C(1D)(iii) to be provided by way of rules
32 Certain issues relating to TCS Is TCS applicable only when the entire sale consideration is in cash? Does receipt of bearer cheque or cheque which is crossed without the words account payee amount to receiving consideration in cash? Are TCS provisions applicable in case of barter exchange? Is the threshold limit transaction-wise or in aggregate?
33 Memoradum to finance bill 2016 In order to reduce the quantum of cash transaction in sale of any goods and services and for curbing the flow of unaccounted money in the trading system and to bring high value transactions within the tax net, it is proposed to amend the aforesaid section to provide that the seller shall collect the tax at the rate of one per cent from the purchaser on sale of motor vehicle of the value exceeding ten lakh rupees and sale in cash of any goods (other than bullion and jewellery), or providing of any services (other than payments on which tax is deducted at source under Chapter XVII-B) exceeding two lakh rupees.
34 Penalties for non-compliance
35 Penalties Section 271FA: Failure to file AIR return Non compliance to sec 285BA(1) Rs. 100 per day Non compliance to sec 285BA(5) Rs. 500 per day Section 272B: Non compliance of section 139A / 139A(5) Rs. 10,000 Section 271CA: Non collection of TCS - 100% of amount of TCS Section 271H: Non filing of TCS return Rs. 10K ~ 100K
36 Questions?
37 Thanks for your valuable time!!
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