08 Sep 2016, 05:52 am
Additional Director of Income Tax (Intelligence and Criminal Investigation) Kolkata, Priyabrata Pramanik, was also present at the conference that was attended by motor vehicle dealers of West Bengal.
"The aim of the conference is to inform the dealers about the new rules pertaining to Section 285 BA of the IT Act,” said Rana.
Under Rule 114B, it is mandatory to quote PAN at the time of purchase of a motor vehicle, irrespective of the price paid. Any purchaser who does not have a PAN is required to fill in Form 60, which records the identity and address proof of the buyer, and the dealers have to maintain this record for six years.Rule 114C makes it mandatory for the dealers to ensure that the PAN provided by the buyer is correct and also maintain a copy of the transaction.Rule 114D states that the dealer will have to furnish the details of Form 60 in Form 61 every six months and upload it on the IT website.The dealers, under Rule 114E, need to furnish the details of Form 60 in Form 61A related to cash transactions above rupees two lakhs in one year.
Director Rana said: “Central government is determined to curb the circulation of black money and the rules are being framed accordingly.We do not want the car dealers knowingly or unknowingly to violate these rules."
Priyabrata Pramanik clarified about some other rules that dealers have to follow. He explained that Rule 139A makes it mandatory for the dealers to own a PAN card and 114B to quote it. Pramanik said: “If PAN is not correctly quoted, it is the responsibility of the car dealers.The duties and responsibilities of the car dealers have increased now.”
(Reporting by Souvik Ghosh, Images by Souvik Das/IBNS)
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