CA. PRAMOD JAINFCA, FCS, FCMA, LL.B, MIMA, DISA
CA. PRAMOD JAINFCA, FCS, FCMA, LL.B, MIMA, DISA
LUNAWAT & CO.Chartered AccountantsChartered AccountantsChartered AccountantsChartered Accountants
LUNAWAT & CO.Chartered AccountantsChartered AccountantsChartered AccountantsChartered Accountants20202020thththth December 2016, JalandharDecember 2016, JalandharDecember 2016, JalandharDecember 2016, Jalandhar20202020thththth December 2016, JalandharDecember 2016, JalandharDecember 2016, JalandharDecember 2016, Jalandhar
INCOME TAXINCOME TAXINCOME TAXINCOME TAXINCOME TAXINCOME TAXINCOME TAXINCOME TAX
AGENDAAGENDAAGENDAAGENDA� Cash TransactionsCash TransactionsCash TransactionsCash Transactions
� PAN QuotingPAN QuotingPAN QuotingPAN Quoting
� AIRAIRAIRAIR
� TCSTCSTCSTCS
� Taxation Laws (2Taxation Laws (2Taxation Laws (2Taxation Laws (2ndndndnd Amendment) Act 2016Amendment) Act 2016Amendment) Act 2016Amendment) Act 2016
� DemonetizationDemonetizationDemonetizationDemonetization
� PenaltiesPenaltiesPenaltiesPenalties
� PMGKDS 2016PMGKDS 2016PMGKDS 2016PMGKDS 2016
� Presumptive TaxationPresumptive TaxationPresumptive TaxationPresumptive Taxation
� Section 44ADSection 44ADSection 44ADSection 44AD
� Section 44ADASection 44ADASection 44ADASection 44ADA
� Penny StocksPenny StocksPenny StocksPenny Stocks
� Practical aspects of Assessment Practical aspects of Assessment Practical aspects of Assessment Practical aspects of Assessment
Lunawat & Co.
PAN QUOTINGPAN QUOTINGPAN QUOTINGPAN QUOTINGPAN QUOTINGPAN QUOTINGPAN QUOTINGPAN QUOTING
•Quoting of PANQuoting of PANQuoting of PANQuoting of PAN139A(5)(c)139A(5)(c)139A(5)(c)139A(5)(c)
•Statement of Specified Statement of Specified Statement of Specified Statement of Specified Financial TransactionsFinancial TransactionsFinancial TransactionsFinancial Transactions
285BA285BA285BA285BA
•PenaltiesPenaltiesPenaltiesPenalties271FA / 271FA / 271FA / 271FA / 271FAA / 271FAA / 271FAA / 271FAA / 272B272B272B272B
Lunawat & Co.
PROVISIONS PROVISIONS PROVISIONS PROVISIONS ---- SECTIONSSECTIONSSECTIONSSECTIONS
•Transactions in which PAN is Transactions in which PAN is Transactions in which PAN is Transactions in which PAN is to be quotedto be quotedto be quotedto be quoted114B114B114B114B
•Verification of PANVerification of PANVerification of PANVerification of PAN114C114C114C114C
•Furnishing of Form 60Furnishing of Form 60Furnishing of Form 60Furnishing of Form 60114D114D114D114D
•Furnishing of Statement of Furnishing of Statement of Furnishing of Statement of Furnishing of Statement of Financial Transaction (AIR)Financial Transaction (AIR)Financial Transaction (AIR)Financial Transaction (AIR)114E114E114E114E
•Furnishing of Statement of Furnishing of Statement of Furnishing of Statement of Furnishing of Statement of Reportable AccountReportable AccountReportable AccountReportable Account
114F 114F 114F 114F –––– HHHH
Lunawat & Co.
PROVISIONS PROVISIONS PROVISIONS PROVISIONS ---- RULESRULESRULESRULES
•Declaration from persons Declaration from persons Declaration from persons Declaration from persons who do not have PANwho do not have PANwho do not have PANwho do not have PAN60606060
•Statement containing Statement containing Statement containing Statement containing particulars of declaration particulars of declaration particulars of declaration particulars of declaration received in Form No. 60received in Form No. 60received in Form No. 60received in Form No. 60
61616161
•Statement of Specified Statement of Specified Statement of Specified Statement of Specified Financial Transactions (AIR)Financial Transactions (AIR)Financial Transactions (AIR)Financial Transactions (AIR)61A61A61A61A
•Furnishing of Statement of Furnishing of Statement of Furnishing of Statement of Furnishing of Statement of Reportable AccountReportable AccountReportable AccountReportable Account61B61B61B61B
Lunawat & Co.
PROVISIONS PROVISIONS PROVISIONS PROVISIONS ---- FORMSFORMSFORMSFORMS
PAN QUOTING PAN QUOTING PAN QUOTING PAN QUOTING W.E.FW.E.FW.E.FW.E.F. 01.01.2016. 01.01.2016. 01.01.2016. 01.01.2016Lunawat & Co.
S. S. S. S.
No.No.No.No.
Nature Nature Nature Nature of Transactionof Transactionof Transactionof Transaction ValueValueValueValue of of of of
TransactionTransactionTransactionTransaction
1111 Sale / Purchase of Motor Vehicle or Sale / Purchase of Motor Vehicle or Sale / Purchase of Motor Vehicle or Sale / Purchase of Motor Vehicle or
Vehicle other than 2 WheelerVehicle other than 2 WheelerVehicle other than 2 WheelerVehicle other than 2 Wheeler
AllAllAllAll
2222 Opening Opening Opening Opening an an an an BankBankBankBank AAAA/c /c /c /c otherotherotherother than than than than
timetimetimetime----deposit referred to at Sl. No.12 deposit referred to at Sl. No.12 deposit referred to at Sl. No.12 deposit referred to at Sl. No.12
and and and and Basic Savings Bank Deposit Basic Savings Bank Deposit Basic Savings Bank Deposit Basic Savings Bank Deposit A/cA/cA/cA/c
AllAllAllAll
3333 Application for Debit / Credit CardApplication for Debit / Credit CardApplication for Debit / Credit CardApplication for Debit / Credit Card AllAllAllAll
4444 Opening of Opening of Opening of Opening of DematDematDematDemat A/cA/cA/cA/c AllAllAllAll
5555 Payment to Hotel / Restaurant atPayment to Hotel / Restaurant atPayment to Hotel / Restaurant atPayment to Hotel / Restaurant at
any one time any one time any one time any one time (earlier 25K)(earlier 25K)(earlier 25K)(earlier 25K)
Cash > Cash > Cash > Cash >
50000/50000/50000/50000/----
PAN QUOTING PAN QUOTING PAN QUOTING PAN QUOTING W.E.FW.E.FW.E.FW.E.F. 01.01.2016. 01.01.2016. 01.01.2016. 01.01.2016Lunawat & Co.
S. S. S. S.
No.No.No.No.
Nature Nature Nature Nature of Transactionof Transactionof Transactionof Transaction ValueValueValueValue of of of of
TransactionTransactionTransactionTransaction
6666 Payment for Foreign Travel or foreign currency at 1Payment for Foreign Travel or foreign currency at 1Payment for Foreign Travel or foreign currency at 1Payment for Foreign Travel or foreign currency at 1
time time time time (earlier 25K)(earlier 25K)(earlier 25K)(earlier 25K)
Cash > 50000/Cash > 50000/Cash > 50000/Cash > 50000/----
7777 Payment to MF for purchase of UnitsPayment to MF for purchase of UnitsPayment to MF for purchase of UnitsPayment to MF for purchase of Units > 50000/> 50000/> 50000/> 50000/----
8888 Payment to Co. or Institution for Debentures / Bonds Payment to Co. or Institution for Debentures / Bonds Payment to Co. or Institution for Debentures / Bonds Payment to Co. or Institution for Debentures / Bonds
issued by itissued by itissued by itissued by it
> 50000/> 50000/> 50000/> 50000/----
9999 Payment to RBI for Bonds issued by itPayment to RBI for Bonds issued by itPayment to RBI for Bonds issued by itPayment to RBI for Bonds issued by it > 50000/> 50000/> 50000/> 50000/----
10101010 Cash Deposit with Bank in any 1 dayCash Deposit with Bank in any 1 dayCash Deposit with Bank in any 1 dayCash Deposit with Bank in any 1 day
PO added PO added PO added PO added w.e.fw.e.fw.e.fw.e.f. 15 November 2016. 15 November 2016. 15 November 2016. 15 November 2016
50000/50000/50000/50000/----
>2.50 Lacs >2.50 Lacs >2.50 Lacs >2.50 Lacs
from 9.11.16 from 9.11.16 from 9.11.16 from 9.11.16
to 30.12.16to 30.12.16to 30.12.16to 30.12.16
11111111 Bank Draft / Pay Order / Banker Cheque during one Bank Draft / Pay Order / Banker Cheque during one Bank Draft / Pay Order / Banker Cheque during one Bank Draft / Pay Order / Banker Cheque during one
daydaydayday
Cash > 50000/Cash > 50000/Cash > 50000/Cash > 50000/----
PAN QUOTING PAN QUOTING PAN QUOTING PAN QUOTING W.E.FW.E.FW.E.FW.E.F. 01.01.2016. 01.01.2016. 01.01.2016. 01.01.2016Lunawat & Co.
S. S. S. S.
No.No.No.No.
Nature Nature Nature Nature of Transactionof Transactionof Transactionof Transaction ValueValueValueValue of of of of
TransactionTransactionTransactionTransaction
12121212 Time Deposit with Time Deposit with Time Deposit with Time Deposit with
1.1.1.1. Bank, Bank, Bank, Bank,
2.2.2.2. Post Office, Post Office, Post Office, Post Office,
3.3.3.3. NidhiNidhiNidhiNidhi Co. Co. Co. Co.
4.4.4.4. NBFCNBFCNBFCNBFC
50000/50000/50000/50000/---- each each each each
transaction or transaction or transaction or transaction or
5 Lacs in 5 Lacs in 5 Lacs in 5 Lacs in
aggregate aggregate aggregate aggregate
duringduringduringduring FYFYFYFY
13131313 Payment for 1 or more Prepaid Payment for 1 or more Prepaid Payment for 1 or more Prepaid Payment for 1 or more Prepaid
Payment Instruments like smart Payment Instruments like smart Payment Instruments like smart Payment Instruments like smart
card; magnetic stripe cards; card; magnetic stripe cards; card; magnetic stripe cards; card; magnetic stripe cards;
internet a/c; online wallets; mobile internet a/c; online wallets; mobile internet a/c; online wallets; mobile internet a/c; online wallets; mobile
a/c; mobile wallets; paper voucher; a/c; mobile wallets; paper voucher; a/c; mobile wallets; paper voucher; a/c; mobile wallets; paper voucher;
mass transit system; othermass transit system; othermass transit system; othermass transit system; other
Cash / draft / Cash / draft / Cash / draft / Cash / draft /
PO / bankerPO / bankerPO / bankerPO / banker
cheque cheque cheque cheque
aggregating aggregating aggregating aggregating > > > >
50000/50000/50000/50000/---- in FYin FYin FYin FY
PAN QUOTING PAN QUOTING PAN QUOTING PAN QUOTING W.E.FW.E.FW.E.FW.E.F. 01.01.2016. 01.01.2016. 01.01.2016. 01.01.2016Lunawat & Co.
S. S. S. S.
No.No.No.No.
Nature Nature Nature Nature of Transactionof Transactionof Transactionof Transaction ValueValueValueValue of of of of
TransactionTransactionTransactionTransaction
14141414 Life InsuranceLife InsuranceLife InsuranceLife Insurance PremiumPremiumPremiumPremium Aggregating > Aggregating > Aggregating > Aggregating >
50000/50000/50000/50000/---- in FYin FYin FYin FY
15151515 Sale / PurchaseSale / PurchaseSale / PurchaseSale / Purchase of Securities of Securities of Securities of Securities
other than Shares other than Shares other than Shares other than Shares per transactionper transactionper transactionper transaction
> 1 Lac> 1 Lac> 1 Lac> 1 Lac
16161616 Sale / Purchase of unlisted shares Sale / Purchase of unlisted shares Sale / Purchase of unlisted shares Sale / Purchase of unlisted shares
per transaction (verificationper transaction (verificationper transaction (verificationper transaction (verification by Co) by Co) by Co) by Co)
[E [E [E [E ---- 50k for issue of shares all Cos]50k for issue of shares all Cos]50k for issue of shares all Cos]50k for issue of shares all Cos]
> 1 Lac > 1 Lac > 1 Lac > 1 Lac
17171717 Sale / Purchase ofSale / Purchase ofSale / Purchase ofSale / Purchase of Immovable Immovable Immovable Immovable
Property Property Property Property (earlier 5 L)(earlier 5 L)(earlier 5 L)(earlier 5 L)
> 10 Lacs> 10 Lacs> 10 Lacs> 10 Lacs
Tran. valueTran. valueTran. valueTran. value or or or or
50C value50C value50C value50C value
PAN QUOTING PAN QUOTING PAN QUOTING PAN QUOTING W.E.FW.E.FW.E.FW.E.F. 01.01.2016. 01.01.2016. 01.01.2016. 01.01.2016Lunawat & Co.
S. S. S. S.
No.No.No.No.
Nature Nature Nature Nature of Transactionof Transactionof Transactionof Transaction ValueValueValueValue of of of of
TransactionTransactionTransactionTransaction
18181818 Sale / purchase of goods / Sale / purchase of goods / Sale / purchase of goods / Sale / purchase of goods /
services services services services (earlier(earlier(earlier(earlier 5 L for bullion or 5 L for bullion or 5 L for bullion or 5 L for bullion or
jewellery dealer only)jewellery dealer only)jewellery dealer only)jewellery dealer only)
> 2 Lacs per > 2 Lacs per > 2 Lacs per > 2 Lacs per
transactiontransactiontransactiontransaction
�Concerned person Concerned person Concerned person Concerned person to verify to verify to verify to verify PAN & mention PAN & mention PAN & mention PAN & mention
in all documents /invoice/applicationsin all documents /invoice/applicationsin all documents /invoice/applicationsin all documents /invoice/applications
� If no PAN If no PAN If no PAN If no PAN –––– take Form 60take Form 60take Form 60take Form 60
� Form 61 to be filed half yearly for Form 60 Form 61 to be filed half yearly for Form 60 Form 61 to be filed half yearly for Form 60 Form 61 to be filed half yearly for Form 60
obtainedobtainedobtainedobtained
� Form 60 to be retained for 6 yearsForm 60 to be retained for 6 yearsForm 60 to be retained for 6 yearsForm 60 to be retained for 6 years
PAN QUOTING PAN QUOTING PAN QUOTING PAN QUOTING –––– NOT REQUIRED NOT REQUIRED NOT REQUIRED NOT REQUIRED Lunawat & Co.
�CG / SG / Consular OfficesCG / SG / Consular OfficesCG / SG / Consular OfficesCG / SG / Consular Offices
�NonNonNonNon----Residents Residents Residents Residents required for all required for all required for all required for all except:except:except:except:
� Application Application Application Application for Debit and Credit for Debit and Credit for Debit and Credit for Debit and Credit CardCardCardCard
� Payment Payment Payment Payment to to to to a hotel a hotel a hotel a hotel or restaurant against a or restaurant against a or restaurant against a or restaurant against a billbillbillbill
� Payment for foreign Payment for foreign Payment for foreign Payment for foreign travel or travel or travel or travel or foreign currencyforeign currencyforeign currencyforeign currency
� Payment Payment Payment Payment to RBI for acquiring to RBI for acquiring to RBI for acquiring to RBI for acquiring bondsbondsbondsbonds
� Purchase of DD / PO / Bankers cheque Purchase of DD / PO / Bankers cheque Purchase of DD / PO / Bankers cheque Purchase of DD / PO / Bankers cheque
� Payment Payment Payment Payment for prepaid for prepaid for prepaid for prepaid instrumentsinstrumentsinstrumentsinstruments
� Sale/purchase Sale/purchase Sale/purchase Sale/purchase of of of of goods/services goods/services goods/services goods/services exceeding exceeding exceeding exceeding RsRsRsRs. 2L. 2L. 2L. 2L
FORM 61 FILINGFORM 61 FILINGFORM 61 FILINGFORM 61 FILINGLunawat & Co.
� To be filed by all verifiers except in case of:To be filed by all verifiers except in case of:To be filed by all verifiers except in case of:To be filed by all verifiers except in case of:
S. S. S. S.
No.No.No.No.
Nature Nature Nature Nature of Transactionof Transactionof Transactionof Transaction
(Only where verifier is required to get (Only where verifier is required to get (Only where verifier is required to get (Only where verifier is required to get
tax audit u/s 44AB)tax audit u/s 44AB)tax audit u/s 44AB)tax audit u/s 44AB)
ValueValueValueValue of of of of
TransactionTransactionTransactionTransaction
5555 Payment to Hotel / Restaurant atPayment to Hotel / Restaurant atPayment to Hotel / Restaurant atPayment to Hotel / Restaurant at
any one timeany one timeany one timeany one time
Cash > Cash > Cash > Cash >
50000/50000/50000/50000/----
6666 Payment for Foreign Travel or Payment for Foreign Travel or Payment for Foreign Travel or Payment for Foreign Travel or
purchase of foreign currency at 1purchase of foreign currency at 1purchase of foreign currency at 1purchase of foreign currency at 1
timetimetimetime
Cash > Cash > Cash > Cash >
50000/50000/50000/50000/----
18181818 Sale / purchase of goods / servicesSale / purchase of goods / servicesSale / purchase of goods / servicesSale / purchase of goods / services > 2 Lacs per > 2 Lacs per > 2 Lacs per > 2 Lacs per
transactiontransactiontransactiontransaction
AIR REPORTINGAIR REPORTINGAIR REPORTINGAIR REPORTINGAIR REPORTINGAIR REPORTINGAIR REPORTINGAIR REPORTING
STATEMENT OF FINANCIAL TRANSACTIONSSTATEMENT OF FINANCIAL TRANSACTIONSSTATEMENT OF FINANCIAL TRANSACTIONSSTATEMENT OF FINANCIAL TRANSACTIONS
(AIR) [01.04.2016](AIR) [01.04.2016](AIR) [01.04.2016](AIR) [01.04.2016]
Lunawat & Co.
S. S. S. S.
No.No.No.No.
Nature &Nature &Nature &Nature & Value of TransactionValue of TransactionValue of TransactionValue of Transaction Reporting Reporting Reporting Reporting
PersonPersonPersonPerson
1(a)1(a)1(a)1(a) Cash Cash Cash Cash for purchase of bank drafts / pay for purchase of bank drafts / pay for purchase of bank drafts / pay for purchase of bank drafts / pay
orders / banker’s cheque of aggregate orders / banker’s cheque of aggregate orders / banker’s cheque of aggregate orders / banker’s cheque of aggregate
> > > > RsRsRsRs. 10 Lacs in a FY.. 10 Lacs in a FY.. 10 Lacs in a FY.. 10 Lacs in a FY.
BanksBanksBanksBanks
1(b)1(b)1(b)1(b) CashCashCashCash for purchase of prefor purchase of prefor purchase of prefor purchase of pre----paid paid paid paid
instruments by RBI aggregate > instruments by RBI aggregate > instruments by RBI aggregate > instruments by RBI aggregate > RsRsRsRs. 10 . 10 . 10 . 10
Lacs in a FY.Lacs in a FY.Lacs in a FY.Lacs in a FY. [E[E[E[E---- 5L bonds all5L bonds all5L bonds all5L bonds all modes]modes]modes]modes]
BanksBanksBanksBanks
1(c)1(c)1(c)1(c) CashCashCashCash deposits / withdrawals (including deposits / withdrawals (including deposits / withdrawals (including deposits / withdrawals (including
bearer’s cheque) aggregating > bearer’s cheque) aggregating > bearer’s cheque) aggregating > bearer’s cheque) aggregating > RsRsRsRs. 50 . 50 . 50 . 50
Lacs in a FY from 1 or more Lacs in a FY from 1 or more Lacs in a FY from 1 or more Lacs in a FY from 1 or more current current current current
account account account account of a person. of a person. of a person. of a person.
BanksBanksBanksBanks
STATEMENT OF FINANCIAL TRANSACTIONSSTATEMENT OF FINANCIAL TRANSACTIONSSTATEMENT OF FINANCIAL TRANSACTIONSSTATEMENT OF FINANCIAL TRANSACTIONS
(AIR) [01.04.2016](AIR) [01.04.2016](AIR) [01.04.2016](AIR) [01.04.2016]
Lunawat & Co.
S. S. S. S.
NoNoNoNo
Nature &Nature &Nature &Nature & Value of TransactionValue of TransactionValue of TransactionValue of Transaction Reporting Reporting Reporting Reporting
PersonPersonPersonPerson
2222 CashCashCashCash deposits deposits deposits deposits aggaggaggagg. > . > . > . > RsRsRsRs. 10 Lacs in a . 10 Lacs in a . 10 Lacs in a . 10 Lacs in a
FY, in 1 or more a/FY, in 1 or more a/FY, in 1 or more a/FY, in 1 or more a/cscscscs (other than current (other than current (other than current (other than current
a/c & time deposit) a/c & time deposit) a/c & time deposit) a/c & time deposit) [E[E[E[E---- saving A/c]saving A/c]saving A/c]saving A/c]
BanksBanksBanksBanks
P.O.P.O.P.O.P.O.
3333 One or more time deposits (other than One or more time deposits (other than One or more time deposits (other than One or more time deposits (other than
renewals) of a person aggregating > renewals) of a person aggregating > renewals) of a person aggregating > renewals) of a person aggregating > RsRsRsRs. . . .
10 Lacs in a FY of a person. 10 Lacs in a FY of a person. 10 Lacs in a FY of a person. 10 Lacs in a FY of a person.
BanksBanksBanksBanks
P.O. ; P.O. ; P.O. ; P.O. ; NidhiNidhiNidhiNidhi
NBFCNBFCNBFCNBFC
4444 Payments aggregating toPayments aggregating toPayments aggregating toPayments aggregating to----
((((iiii) > ) > ) > ) > RsRsRsRs. 1 Lac in . 1 Lac in . 1 Lac in . 1 Lac in cashcashcashcash; or ; or ; or ; or
(ii) > (ii) > (ii) > (ii) > RsRsRsRs. 10 Lacs by any other mode, . 10 Lacs by any other mode, . 10 Lacs by any other mode, . 10 Lacs by any other mode,
one or more credit cards in a FY one or more credit cards in a FY one or more credit cards in a FY one or more credit cards in a FY [E[E[E[E –––– 2L]2L]2L]2L]
Banks Banks Banks Banks
issuing issuing issuing issuing
Credit Credit Credit Credit
CardsCardsCardsCards
STATEMENT OF FINANCIAL TRANSACTIONSSTATEMENT OF FINANCIAL TRANSACTIONSSTATEMENT OF FINANCIAL TRANSACTIONSSTATEMENT OF FINANCIAL TRANSACTIONS
(AIR) [01.04.2016](AIR) [01.04.2016](AIR) [01.04.2016](AIR) [01.04.2016]
Lunawat & Co.
S. S. S. S.
No.No.No.No.
Nature &Nature &Nature &Nature & Value of TransactionValue of TransactionValue of TransactionValue of Transaction Reporting Reporting Reporting Reporting
PersonPersonPersonPerson
5555 Receipt from a person aggregating > Receipt from a person aggregating > Receipt from a person aggregating > Receipt from a person aggregating >
RsRsRsRs. 10 Lacs in a FY for acquiring bonds . 10 Lacs in a FY for acquiring bonds . 10 Lacs in a FY for acquiring bonds . 10 Lacs in a FY for acquiring bonds
or debentures issued by Co. or or debentures issued by Co. or or debentures issued by Co. or or debentures issued by Co. or
institution (other than renewals)institution (other than renewals)institution (other than renewals)institution (other than renewals) [E[E[E[E---- 5L]5L]5L]5L]
Company Company Company Company
InstitutionInstitutionInstitutionInstitution
6666 Receipt from a person aggregating > Receipt from a person aggregating > Receipt from a person aggregating > Receipt from a person aggregating >
RsRsRsRs. 10 Lacs in a FY for acquiring . 10 Lacs in a FY for acquiring . 10 Lacs in a FY for acquiring . 10 Lacs in a FY for acquiring
shares (including share application shares (including share application shares (including share application shares (including share application
money) money) money) money) issued by co. issued by co. issued by co. issued by co. [E[E[E[E---- Pub / Pub / Pub / Pub / RghtRghtRghtRght 1L]1L]1L]1L]
CompanyCompanyCompanyCompany
7777 Buy back Buy back Buy back Buy back of shares from a person of shares from a person of shares from a person of shares from a person
(other than bought in open market) for (other than bought in open market) for (other than bought in open market) for (other than bought in open market) for
aggregating > aggregating > aggregating > aggregating > RsRsRsRs. 10 Lacs in a FY . . 10 Lacs in a FY . . 10 Lacs in a FY . . 10 Lacs in a FY .
Listed Co.Listed Co.Listed Co.Listed Co.
STATEMENT OF FINANCIAL TRANSACTIONSSTATEMENT OF FINANCIAL TRANSACTIONSSTATEMENT OF FINANCIAL TRANSACTIONSSTATEMENT OF FINANCIAL TRANSACTIONS
(AIR) [01.04.2016](AIR) [01.04.2016](AIR) [01.04.2016](AIR) [01.04.2016]
Lunawat & Co.
S. S. S. S.
No.No.No.No.
Nature &Nature &Nature &Nature & Value of TransactionValue of TransactionValue of TransactionValue of Transaction Reporting Reporting Reporting Reporting
PersonPersonPersonPerson
8888 > > > > RsRsRsRs. 10 Lacs in a FY for acquiring . 10 Lacs in a FY for acquiring . 10 Lacs in a FY for acquiring . 10 Lacs in a FY for acquiring
units of 1 or more schemes of a MF units of 1 or more schemes of a MF units of 1 or more schemes of a MF units of 1 or more schemes of a MF
(except switching) (except switching) (except switching) (except switching) [E[E[E[E---- 2L]2L]2L]2L]
MFMFMFMF
9999 Sale of foreign currency including Sale of foreign currency including Sale of foreign currency including Sale of foreign currency including
through debit /credit card or traveller through debit /credit card or traveller through debit /credit card or traveller through debit /credit card or traveller
chq. or draft chq. or draft chq. or draft chq. or draft etcetcetcetc aggaggaggagg. > . > . > . > RsRsRsRs. 10 L in a FY . 10 L in a FY . 10 L in a FY . 10 L in a FY
Authorised Authorised Authorised Authorised
DealerDealerDealerDealer
10101010 Purchase or sale of immovable Purchase or sale of immovable Purchase or sale of immovable Purchase or sale of immovable
property value > property value > property value > property value > RsRsRsRs. 30 L or . 30 L or . 30 L or . 30 L or valued valued valued valued
u/s 50C u/s 50C u/s 50C u/s 50C
RegistrarRegistrarRegistrarRegistrar
STATEMENT OF FINANCIAL TRANSACTIONSSTATEMENT OF FINANCIAL TRANSACTIONSSTATEMENT OF FINANCIAL TRANSACTIONSSTATEMENT OF FINANCIAL TRANSACTIONS
(AIR) [01.04.2016](AIR) [01.04.2016](AIR) [01.04.2016](AIR) [01.04.2016]
Lunawat & Co.
S. S. S. S.
No.No.No.No.
Nature &Nature &Nature &Nature & Value of TransactionValue of TransactionValue of TransactionValue of Transaction Reporting Reporting Reporting Reporting
PersonPersonPersonPerson
11111111 Receipt of Receipt of Receipt of Receipt of cashcashcashcash payment payment payment payment RsRsRsRs. 2 Lacs for sale, . 2 Lacs for sale, . 2 Lacs for sale, . 2 Lacs for sale,
by any person, of goods or services of any by any person, of goods or services of any by any person, of goods or services of any by any person, of goods or services of any
nature (other than above mentioned items). nature (other than above mentioned items). nature (other than above mentioned items). nature (other than above mentioned items).
If liable to If liable to If liable to If liable to
Tax Audit Tax Audit Tax Audit Tax Audit
12121212 Cash Deposit from 9.11.16 to 30.12.16 Cash Deposit from 9.11.16 to 30.12.16 Cash Deposit from 9.11.16 to 30.12.16 Cash Deposit from 9.11.16 to 30.12.16
aggregating:aggregating:aggregating:aggregating:
• >>>> 12.50 Lacs in 1 or more Current account 12.50 Lacs in 1 or more Current account 12.50 Lacs in 1 or more Current account 12.50 Lacs in 1 or more Current account
of a personof a personof a personof a person
• >>>> 2.50 Lacs in other than current account 2.50 Lacs in other than current account 2.50 Lacs in other than current account 2.50 Lacs in other than current account
Bank / PO Bank / PO Bank / PO Bank / PO
(inserted by (inserted by (inserted by (inserted by
15.11.16)15.11.16)15.11.16)15.11.16)
�Report annually by 31Report annually by 31Report annually by 31Report annually by 31stststst May May May May –––– for 12for 12for 12for 12thththth
Item before 31Item before 31Item before 31Item before 31stststst January 2017January 2017January 2017January 2017
HOW TO DETERMINE THRESHOLD LIMITSHOW TO DETERMINE THRESHOLD LIMITSHOW TO DETERMINE THRESHOLD LIMITSHOW TO DETERMINE THRESHOLD LIMITSLunawat & Co.
�TTTTake ake ake ake into account all the accounts of the into account all the accounts of the into account all the accounts of the into account all the accounts of the
same nature same nature same nature same nature in in in in respect of that respect of that respect of that respect of that person; person; person; person;
�AAAAggregate ggregate ggregate ggregate all the transactions of the same all the transactions of the same all the transactions of the same all the transactions of the same
nature nature nature nature in in in in respect of that respect of that respect of that respect of that person; person; person; person;
�AAAAttribute entire ttribute entire ttribute entire ttribute entire value of value of value of value of transaction transaction transaction transaction or the or the or the or the
aggregated value of all aggregated value of all aggregated value of all aggregated value of all transactions transactions transactions transactions to all to all to all to all
personspersonspersonspersons, in a case , in a case , in a case , in a case more more more more than than than than 1 1 1 1 person; person; person; person;
�AAAApply threshold pply threshold pply threshold pply threshold limit separately to deposits limit separately to deposits limit separately to deposits limit separately to deposits
& & & & withdrawals in respect of withdrawals in respect of withdrawals in respect of withdrawals in respect of Current a/cCurrent a/cCurrent a/cCurrent a/c
TCSTCSTCSTCSTCSTCSTCSTCS
Lunawat & Co.
TCSTCSTCSTCS
�206C (1D) inserted by Finance Act 2012 206C (1D) inserted by Finance Act 2012 206C (1D) inserted by Finance Act 2012 206C (1D) inserted by Finance Act 2012
with the intent to with the intent to with the intent to with the intent to deter generation deter generation deter generation deter generation & & & & use of use of use of use of
unaccounted unaccounted unaccounted unaccounted money on bullion & jewellerymoney on bullion & jewellerymoney on bullion & jewellerymoney on bullion & jewellery
� (1F) inserted by Finance Act 2016 (1F) inserted by Finance Act 2016 (1F) inserted by Finance Act 2016 (1F) inserted by Finance Act 2016 ---- Every Every Every Every
person, being a seller, who receives any person, being a seller, who receives any person, being a seller, who receives any person, being a seller, who receives any
amount as consideration for sale amount as consideration for sale amount as consideration for sale amount as consideration for sale of a of a of a of a motor motor motor motor
vehicle of the value exceeding vehicle of the value exceeding vehicle of the value exceeding vehicle of the value exceeding RsRsRsRs. 10 Lacs, . 10 Lacs, . 10 Lacs, . 10 Lacs,
shall at the time of receipt shall at the time of receipt shall at the time of receipt shall at the time of receipt of such of such of such of such amount, amount, amount, amount,
collect from the buyer, a collect from the buyer, a collect from the buyer, a collect from the buyer, a sum equal sum equal sum equal sum equal to to to to 1% 1% 1% 1%
of the of the of the of the sale consideration sale consideration sale consideration sale consideration as incomeas incomeas incomeas income----tax.tax.tax.tax.
Lunawat & Co.
TCSTCSTCSTCS� (ID) (ID) (ID) (ID) ---- Every person, being a seller, who receives Every person, being a seller, who receives Every person, being a seller, who receives Every person, being a seller, who receives
any amount in cash as consideration for sale of any amount in cash as consideration for sale of any amount in cash as consideration for sale of any amount in cash as consideration for sale of
bullion or jewellery or any other goods (other bullion or jewellery or any other goods (other bullion or jewellery or any other goods (other bullion or jewellery or any other goods (other
than bullion or jewellery) or providing any service, than bullion or jewellery) or providing any service, than bullion or jewellery) or providing any service, than bullion or jewellery) or providing any service,
shall, at shall, at shall, at shall, at time time time time of receipt of such amount in cash, of receipt of such amount in cash, of receipt of such amount in cash, of receipt of such amount in cash,
collect from the buyer, a sum equal to 1% collect from the buyer, a sum equal to 1% collect from the buyer, a sum equal to 1% collect from the buyer, a sum equal to 1% of of of of sale sale sale sale
consideration as IT, if such consideration as IT, if such consideration as IT, if such consideration as IT, if such consideration:consideration:consideration:consideration:
� ((((iiii) …(ii)…) …(ii)…) …(ii)…) …(ii)…
� (iii) for any goods, other than those referred to in (iii) for any goods, other than those referred to in (iii) for any goods, other than those referred to in (iii) for any goods, other than those referred to in
clause (clause (clause (clause (iiii) & (ii), or any service, exceeds ) & (ii), or any service, exceeds ) & (ii), or any service, exceeds ) & (ii), or any service, exceeds RsRsRsRs. 2 Lacs . 2 Lacs . 2 Lacs . 2 Lacs
� Provided that no Provided that no Provided that no Provided that no TCS which TCS which TCS which TCS which TDS under Chapter TDS under Chapter TDS under Chapter TDS under Chapter
XVIIXVIIXVIIXVII----BBBB
Lunawat & Co.
TCSTCSTCSTCS ????????????�Mr. A an agriculturist purchases Mr. A an agriculturist purchases Mr. A an agriculturist purchases Mr. A an agriculturist purchases InnovaInnovaInnovaInnova Car Car Car Car
for for for for RsRsRsRs. 14 Lacs on 30.10.2016. Payment . 14 Lacs on 30.10.2016. Payment . 14 Lacs on 30.10.2016. Payment . 14 Lacs on 30.10.2016. Payment
made by NEFT. TCS?made by NEFT. TCS?made by NEFT. TCS?made by NEFT. TCS?
�Mr. X a salaried person sells his Mercedes Mr. X a salaried person sells his Mercedes Mr. X a salaried person sells his Mercedes Mr. X a salaried person sells his Mercedes
Car to Mr. Y for Car to Mr. Y for Car to Mr. Y for Car to Mr. Y for RsRsRsRs. 25 Lacs in cash. TCS??. 25 Lacs in cash. TCS??. 25 Lacs in cash. TCS??. 25 Lacs in cash. TCS??
�MrMrMrMr. D issues invoice of . D issues invoice of . D issues invoice of . D issues invoice of RsRsRsRs. 3 Lacs for . 3 Lacs for . 3 Lacs for . 3 Lacs for
interior decoration. TDS u/s 194J deducted interior decoration. TDS u/s 194J deducted interior decoration. TDS u/s 194J deducted interior decoration. TDS u/s 194J deducted
of of of of RsRsRsRs. 30000/. 30000/. 30000/. 30000/---- payment received payment received payment received payment received RsRsRsRs. . . . 2. 80L 2. 80L 2. 80L 2. 80L
in in in in cash. TCS? cash. TCS? cash. TCS? cash. TCS?
Lunawat & Co.
TCSTCSTCSTCS ????????????� Mr. A in business of selling LEDs., covered u/s Mr. A in business of selling LEDs., covered u/s Mr. A in business of selling LEDs., covered u/s Mr. A in business of selling LEDs., covered u/s
44AD for AY 201744AD for AY 201744AD for AY 201744AD for AY 2017----18 annual turnover 18 annual turnover 18 annual turnover 18 annual turnover RsRsRsRs. 80 . 80 . 80 . 80
Lacs, sells LED to Mr. X for Lacs, sells LED to Mr. X for Lacs, sells LED to Mr. X for Lacs, sells LED to Mr. X for RsRsRsRs. 3 lacs in cash. . 3 lacs in cash. . 3 lacs in cash. . 3 lacs in cash.
TCS??TCS??TCS??TCS??
� MrMrMrMr. . . . B B B B in business of selling LEDs., covered u/s in business of selling LEDs., covered u/s in business of selling LEDs., covered u/s in business of selling LEDs., covered u/s
44AD for AY 201744AD for AY 201744AD for AY 201744AD for AY 2017----18 annual turnover 18 annual turnover 18 annual turnover 18 annual turnover RsRsRsRs. . . . 160 160 160 160
Lacs, sells LED to Mr. YLacs, sells LED to Mr. YLacs, sells LED to Mr. YLacs, sells LED to Mr. Y for for for for RsRsRsRs. 3 lacs in cash. . 3 lacs in cash. . 3 lacs in cash. . 3 lacs in cash.
TCS??TCS??TCS??TCS??
� ABC Trust running a hospital issues a bill of ABC Trust running a hospital issues a bill of ABC Trust running a hospital issues a bill of ABC Trust running a hospital issues a bill of RsRsRsRs. 3 . 3 . 3 . 3
Lacs for heart operation to Mr. A, which is paid Lacs for heart operation to Mr. A, which is paid Lacs for heart operation to Mr. A, which is paid Lacs for heart operation to Mr. A, which is paid
fully in Cash. TCS??fully in Cash. TCS??fully in Cash. TCS??fully in Cash. TCS??
Lunawat & Co.
TCSTCSTCSTCS CLARIFICATIONSCLARIFICATIONSCLARIFICATIONSCLARIFICATIONS� Not applicable in case of motor vehicles from Not applicable in case of motor vehicles from Not applicable in case of motor vehicles from Not applicable in case of motor vehicles from
manufacturers to distributors / dealersmanufacturers to distributors / dealersmanufacturers to distributors / dealersmanufacturers to distributors / dealers
� All motor vehicles coveredAll motor vehicles coveredAll motor vehicles coveredAll motor vehicles covered
� Government, embassies, Consulates, High Government, embassies, Consulates, High Government, embassies, Consulates, High Government, embassies, Consulates, High
Commissions, trade representation of foreign Commissions, trade representation of foreign Commissions, trade representation of foreign Commissions, trade representation of foreign
state state state state –––– No TCSNo TCSNo TCSNo TCS
� Tax to be collected at time of receipt of amount, Tax to be collected at time of receipt of amount, Tax to be collected at time of receipt of amount, Tax to be collected at time of receipt of amount,
if instalments …in instalments !!!!if instalments …in instalments !!!!if instalments …in instalments !!!!if instalments …in instalments !!!!
� Individual seller if 44AB applicable !!!Individual seller if 44AB applicable !!!Individual seller if 44AB applicable !!!Individual seller if 44AB applicable !!!
� TCS only under one subTCS only under one subTCS only under one subTCS only under one sub----sectionsectionsectionsection
Lunawat & Co.
TCSTCSTCSTCS CLARIFICATIONS 24.6.16CLARIFICATIONS 24.6.16CLARIFICATIONS 24.6.16CLARIFICATIONS 24.6.16
�TCS only if cash is received exceeding TCS only if cash is received exceeding TCS only if cash is received exceeding TCS only if cash is received exceeding
RsRsRsRs. 2 Lacs even if single invoice > . 2 Lacs even if single invoice > . 2 Lacs even if single invoice > . 2 Lacs even if single invoice > RRRRssss. 2 . 2 . 2 . 2
Lacs. Example:Lacs. Example:Lacs. Example:Lacs. Example:
�Invoice Invoice Invoice Invoice RsRsRsRs. 5 Lacs . 5 Lacs . 5 Lacs . 5 Lacs –––– Chq. Chq. Chq. Chq. RsRsRsRs. 4 L & cash . 4 L & cash . 4 L & cash . 4 L & cash
RsRsRsRs. 1 L . 1 L . 1 L . 1 L ––––TCS??TCS??TCS??TCS??
�Invoice Invoice Invoice Invoice RsRsRsRs. 5 Lacs . 5 Lacs . 5 Lacs . 5 Lacs –––– chq. chq. chq. chq. RsRsRsRs. 2 Lacs, Cash . 2 Lacs, Cash . 2 Lacs, Cash . 2 Lacs, Cash
RRRRssss. 3 Lacs . 3 Lacs . 3 Lacs . 3 Lacs –––– TCS on ???TCS on ???TCS on ???TCS on ???
SALE / PURCHASE TRANSACTIONSSALE / PURCHASE TRANSACTIONSSALE / PURCHASE TRANSACTIONSSALE / PURCHASE TRANSACTIONSLunawat & Co.
• Obtain PAN, nothing furtherObtain PAN, nothing furtherObtain PAN, nothing furtherObtain PAN, nothing further
• If not, file Form 60 / 61If not, file Form 60 / 61If not, file Form 60 / 61If not, file Form 60 / 61Single Bill > 2 Single Bill > 2 Single Bill > 2 Single Bill > 2 Lacs, No cashLacs, No cashLacs, No cashLacs, No cash
• Obtain PAN, nothing furtherObtain PAN, nothing furtherObtain PAN, nothing furtherObtain PAN, nothing further
• If not, file Form 60 / 61If not, file Form 60 / 61If not, file Form 60 / 61If not, file Form 60 / 61
• Collect TCS @ 1%, file return if cash Collect TCS @ 1%, file return if cash Collect TCS @ 1%, file return if cash Collect TCS @ 1%, file return if cash component > 2 Lacscomponent > 2 Lacscomponent > 2 Lacscomponent > 2 Lacs
Single Bill > 2 Single Bill > 2 Single Bill > 2 Single Bill > 2 Lacs, some cashLacs, some cashLacs, some cashLacs, some cash
• No TCSNo TCSNo TCSNo TCS
• File AIRFile AIRFile AIRFile AIRSingle Bill < 2 L Single Bill < 2 L Single Bill < 2 L Single Bill < 2 L but cash received but cash received but cash received but cash received in year > 2 Lacsin year > 2 Lacsin year > 2 Lacsin year > 2 Lacs
Lunawat & Co.
ITR DATA AY 2014ITR DATA AY 2014ITR DATA AY 2014ITR DATA AY 2014----15151515Lunawat & Co.
CATEGORYCATEGORYCATEGORYCATEGORY
NO. OF ITRS FILEDNO. OF ITRS FILEDNO. OF ITRS FILEDNO. OF ITRS FILED
(IN LACS)(IN LACS)(IN LACS)(IN LACS)
IndividualsIndividualsIndividualsIndividuals 365.13365.13365.13365.13
HUFHUFHUFHUF 9.409.409.409.40
FirmFirmFirmFirm 9.189.189.189.18
CompanyCompanyCompanyCompany 7.017.017.017.01
OthersOthersOthersOthers 0.540.540.540.54
TOTALTOTALTOTALTOTAL 391.26391.26391.26391.26
ITR DATA AY 2014ITR DATA AY 2014ITR DATA AY 2014ITR DATA AY 2014----15151515Lunawat & Co.
IncomeIncomeIncomeIncome No. of ITR No. of ITR No. of ITR No. of ITR (in Lacs)(in Lacs)(in Lacs)(in Lacs) Income Income Income Income (in Crores)(in Crores)(in Crores)(in Crores)
Negative to 0Negative to 0Negative to 0Negative to 0 8.518.518.518.51
0 to 2.5 Lacs0 to 2.5 Lacs0 to 2.5 Lacs0 to 2.5 Lacs 203.95203.95203.95203.95 385696385696385696385696
5 to 10 Lacs5 to 10 Lacs5 to 10 Lacs5 to 10 Lacs 109.71109.71109.71109.71 382474382474382474382474
5 to 10 Lacs5 to 10 Lacs5 to 10 Lacs5 to 10 Lacs 46.4946.4946.4946.49 313181313181313181313181
10 to 25 Lacs10 to 25 Lacs10 to 25 Lacs10 to 25 Lacs 17.1417.1417.1417.14 253562253562253562253562
25 Lacs to 1 Cr25 Lacs to 1 Cr25 Lacs to 1 Cr25 Lacs to 1 Cr 4.594.594.594.59 199741199741199741199741
(In (In (In (In NosNosNosNos))))
1 Cr to 5 Cr1 Cr to 5 Cr1 Cr to 5 Cr1 Cr to 5 Cr 71113711137111371113 137612137612137612137612
5 5 5 5 Cr Cr Cr Cr to 10 Crto 10 Crto 10 Crto 10 Cr 7075707570757075 48949489494894948949
10 Cr to 25Cr10 Cr to 25Cr10 Cr to 25Cr10 Cr to 25Cr 4158415841584158 63112631126311263112
25 25 25 25 Cr Cr Cr Cr to 50 to 50 to 50 to 50 CrCrCrCr 1417141714171417 48996489964899648996
50 50 50 50 Cr Cr Cr Cr to 100 to 100 to 100 to 100 CrCrCrCr 774774774774 53893538935389353893
100 Cr to 500 Cr100 Cr to 500 Cr100 Cr to 500 Cr100 Cr to 500 Cr 616616616616 128068128068128068128068
Above 500 CrAbove 500 CrAbove 500 CrAbove 500 Cr 165165165165 419934419934419934419934
2435218243521824352182435218
ITR DATA AY 2014ITR DATA AY 2014ITR DATA AY 2014ITR DATA AY 2014----15151515Lunawat & Co.
�Only 3.91 Cr. ITRs filed during AY2014Only 3.91 Cr. ITRs filed during AY2014Only 3.91 Cr. ITRs filed during AY2014Only 3.91 Cr. ITRs filed during AY2014----15151515
�Total Income in ITRs Total Income in ITRs Total Income in ITRs Total Income in ITRs RsRsRsRs. 24,35,218 . 24,35,218 . 24,35,218 . 24,35,218 CrsCrsCrsCrs....
�2.17% i.e. 8.51 Lakh returns with Nil or 2.17% i.e. 8.51 Lakh returns with Nil or 2.17% i.e. 8.51 Lakh returns with Nil or 2.17% i.e. 8.51 Lakh returns with Nil or
negative incomesnegative incomesnegative incomesnegative incomes
�92% ITRs contributed 44.40% ITR Incomes92% ITRs contributed 44.40% ITR Incomes92% ITRs contributed 44.40% ITR Incomes92% ITRs contributed 44.40% ITR Incomes
�0.21% ITRs contributed 36.98% ITR 0.21% ITRs contributed 36.98% ITR 0.21% ITRs contributed 36.98% ITR 0.21% ITRs contributed 36.98% ITR
IncomesIncomesIncomesIncomes
�0.0004% ITRs contributed 17.24% ITR 0.0004% ITRs contributed 17.24% ITR 0.0004% ITRs contributed 17.24% ITR 0.0004% ITRs contributed 17.24% ITR
IncomesIncomesIncomesIncomes
DEMONETIZATIONDEMONETIZATIONDEMONETIZATIONDEMONETIZATION�Notes of Notes of Notes of Notes of RRRRssss. 500/. 500/. 500/. 500/---- / / / / RsRsRsRs. 1000/. 1000/. 1000/. 1000/---- not a not a not a not a
legal tender legal tender legal tender legal tender w.e.fw.e.fw.e.fw.e.f. 9. 9. 9. 9thththth November 2016November 2016November 2016November 2016
�Opportunity given to change through Opportunity given to change through Opportunity given to change through Opportunity given to change through
ever changing limits to:ever changing limits to:ever changing limits to:ever changing limits to:� Exchange Exchange Exchange Exchange
�Old with NewOld with NewOld with NewOld with New
�Deposit Deposit Deposit Deposit –––– Old Old Old Old –––– 19191919thththth December 2016December 2016December 2016December 2016
�Withdraw Withdraw Withdraw Withdraw –––– New New New New –––– bankers own limitsbankers own limitsbankers own limitsbankers own limits
�WWWWorry orry orry orry about about about about limits !!!!limits !!!!limits !!!!limits !!!!
Lunawat & Co.
DEMONETIZATIONDEMONETIZATIONDEMONETIZATIONDEMONETIZATIONLunawat & Co.
Bank & PO Bank & PO Bank & PO Bank & PO AccountsAccountsAccountsAccounts
A/c without A/c without A/c without A/c without PANPANPANPAN
A/c having PANA/c having PANA/c having PANA/c having PAN
Individuals & Individuals & Individuals & Individuals & HUFHUFHUFHUF
CurrentCurrentCurrentCurrentOther than Other than Other than Other than currentcurrentcurrentcurrent
Other than Other than Other than Other than Individual & Individual & Individual & Individual &
HUFHUFHUFHUF
CurrentCurrentCurrentCurrent
DEMONETIZATIONDEMONETIZATIONDEMONETIZATIONDEMONETIZATION�Jan Jan Jan Jan DhanDhanDhanDhan AccountsAccountsAccountsAccounts
�No Cheque book accountNo Cheque book accountNo Cheque book accountNo Cheque book account
�Benefits?? BPL Benefits?? BPL Benefits?? BPL Benefits?? BPL –––– limit limit limit limit –––– 27k p.a.27k p.a.27k p.a.27k p.a.
�Consistency??Consistency??Consistency??Consistency??
�The Limit of The Limit of The Limit of The Limit of RsRsRsRs. 2.50 L vs. . 2.50 L vs. . 2.50 L vs. . 2.50 L vs. RsRsRsRs. 10 L. 10 L. 10 L. 10 L
�The Limit of The Limit of The Limit of The Limit of RsRsRsRs. 12.50 L vs. . 12.50 L vs. . 12.50 L vs. . 12.50 L vs. RsRsRsRs. 50 L. 50 L. 50 L. 50 L
�Applicability of Other Laws Applicability of Other Laws Applicability of Other Laws Applicability of Other Laws –––– VAT, VAT, VAT, VAT,
Service Tax, Money Laundering…Service Tax, Money Laundering…Service Tax, Money Laundering…Service Tax, Money Laundering…
Lunawat & Co.
DEMONETIZATION & ITDEMONETIZATION & ITDEMONETIZATION & ITDEMONETIZATION & IT�PAN requirement if cash deposited in PAN requirement if cash deposited in PAN requirement if cash deposited in PAN requirement if cash deposited in
aggregate >2.50 Lacs in Bank / POaggregate >2.50 Lacs in Bank / POaggregate >2.50 Lacs in Bank / POaggregate >2.50 Lacs in Bank / PO
�AIR ReportsAIR ReportsAIR ReportsAIR Reports
�31313131stststst January 2017: January 2017: January 2017: January 2017:
�09.11.2016 to 30.12.201609.11.2016 to 30.12.201609.11.2016 to 30.12.201609.11.2016 to 30.12.2016
�31313131stststst May May May May 2017 2017 2017 2017 ---- FY 2016FY 2016FY 2016FY 2016----17171717
�ConsequenceConsequenceConsequenceConsequence of trying to be smart of trying to be smart of trying to be smart of trying to be smart …. …. …. ….
Taxation (2Taxation (2Taxation (2Taxation (2ndndndnd Amendment) Act 2016 Amendment) Act 2016 Amendment) Act 2016 Amendment) Act 2016 ––––
Effective from 15Effective from 15Effective from 15Effective from 15thththth December 2016December 2016December 2016December 2016
Lunawat & Co.
Lunawat & Co.
Amendment Amendment Amendment Amendment Act 2016Act 2016Act 2016Act 2016
Not Not Not Not DisclosedDisclosedDisclosedDisclosed
Higher Taxes Higher Taxes Higher Taxes Higher Taxes & Penalties& Penalties& Penalties& Penalties
DisclosedDisclosedDisclosedDisclosed
PMGKDS PMGKDS PMGKDS PMGKDS 2016201620162016
Higher TaxHigher TaxHigher TaxHigher Tax
VARIOUS TAXES & PENALTIESVARIOUS TAXES & PENALTIESVARIOUS TAXES & PENALTIESVARIOUS TAXES & PENALTIESLunawat & Co.
•Tax if income u/s 68 / 69 / 69A Tax if income u/s 68 / 69 / 69A Tax if income u/s 68 / 69 / 69A Tax if income u/s 68 / 69 / 69A / 69B / 69C / 69 D/ 69B / 69C / 69 D/ 69B / 69C / 69 D/ 69B / 69C / 69 D
S. S. S. S. 115BBE115BBE115BBE115BBE
•Under reporting Under reporting Under reporting Under reporting –––– 50%50%50%50%
•Misreporting 200%Misreporting 200%Misreporting 200%Misreporting 200%S. 270AS. 270AS. 270AS. 270A
•Penalty if tax u/s 115BBEPenalty if tax u/s 115BBEPenalty if tax u/s 115BBEPenalty if tax u/s 115BBE271AAC271AAC271AAC271AAC
•Search 10% Search 10% Search 10% Search 10% ---- Source Source Source Source etcetcetcetc
•60% 60% 60% 60% ---- no sourceno sourceno sourceno source271AAB271AAB271AAB271AAB
TAX U/S 115BBETAX U/S 115BBETAX U/S 115BBETAX U/S 115BBE
�S. 115BBE substitutedS. 115BBE substitutedS. 115BBE substitutedS. 115BBE substituted
�Applicable if Income assessed u/s 68 / Applicable if Income assessed u/s 68 / Applicable if Income assessed u/s 68 / Applicable if Income assessed u/s 68 /
69 / 69A / 69B / 69C / 69D even if 69 / 69A / 69B / 69C / 69D even if 69 / 69A / 69B / 69C / 69D even if 69 / 69A / 69B / 69C / 69D even if
reflected in IT Returnreflected in IT Returnreflected in IT Returnreflected in IT Return
�Tax Rate increased from 30% to 60%.Tax Rate increased from 30% to 60%.Tax Rate increased from 30% to 60%.Tax Rate increased from 30% to 60%.
�PPPPlus surcharge u/Chapter II of Finance lus surcharge u/Chapter II of Finance lus surcharge u/Chapter II of Finance lus surcharge u/Chapter II of Finance
Act @ 25% i.e. 75% plus… cesses i.e. Act @ 25% i.e. 75% plus… cesses i.e. Act @ 25% i.e. 75% plus… cesses i.e. Act @ 25% i.e. 75% plus… cesses i.e.
77.25%77.25%77.25%77.25%
�Other cases of share capital, loans, !!!Other cases of share capital, loans, !!!Other cases of share capital, loans, !!!Other cases of share capital, loans, !!!
Lunawat & Co.
115BBE 115BBE 115BBE 115BBE –––– SECTIONS SECTIONS SECTIONS SECTIONS –––– NO SOURCENO SOURCENO SOURCENO SOURCELunawat & Co.
•Cash Credits in booksCash Credits in booksCash Credits in booksCash Credits in books68686868
•Unexplained InvestmentsUnexplained InvestmentsUnexplained InvestmentsUnexplained Investments69696969•Unexplained Money, Unexplained Money, Unexplained Money, Unexplained Money, JewelleryJewelleryJewelleryJewellery, , , , bullion, bullion, bullion, bullion, etcetcetcetc69A69A69A69A
• Investments, Investments, Investments, Investments, etcetcetcetc not fully not fully not fully not fully disclosed in booksdisclosed in booksdisclosed in booksdisclosed in books69B69B69B69B
•Unexplained ExpenditureUnexplained ExpenditureUnexplained ExpenditureUnexplained Expenditure69C69C69C69C•Amount borrowed or repaid in Amount borrowed or repaid in Amount borrowed or repaid in Amount borrowed or repaid in HundiHundiHundiHundi69D69D69D69D
PENALTY U/S 271AACPENALTY U/S 271AACPENALTY U/S 271AACPENALTY U/S 271AAC�New section introducedNew section introducedNew section introducedNew section introduced
�If tax u/s 115BBE paid within relevant If tax u/s 115BBE paid within relevant If tax u/s 115BBE paid within relevant If tax u/s 115BBE paid within relevant
previous year previous year previous year previous year –––– no penalty otherwise no penalty otherwise no penalty otherwise no penalty otherwise
penalty @ 10% of taxpenalty @ 10% of taxpenalty @ 10% of taxpenalty @ 10% of tax
�Procedure u/s 274 / 275 to be followed Procedure u/s 274 / 275 to be followed Procedure u/s 274 / 275 to be followed Procedure u/s 274 / 275 to be followed
for imposing penaltyfor imposing penaltyfor imposing penaltyfor imposing penalty
�No penalty u/s 270ANo penalty u/s 270ANo penalty u/s 270ANo penalty u/s 270A
�In case of search penalty u/s 271AAB In case of search penalty u/s 271AAB In case of search penalty u/s 271AAB In case of search penalty u/s 271AAB
to be levied not u/s 271AACto be levied not u/s 271AACto be levied not u/s 271AACto be levied not u/s 271AAC
Lunawat & Co.
PENALTY U/S 271AABPENALTY U/S 271AABPENALTY U/S 271AABPENALTY U/S 271AAB
�In case of search initiated after the In case of search initiated after the In case of search initiated after the In case of search initiated after the
Amendment Act Amendment Act Amendment Act Amendment Act –––– if income declared if income declared if income declared if income declared
in statement u/s 132(4) and tax and in statement u/s 132(4) and tax and in statement u/s 132(4) and tax and in statement u/s 132(4) and tax and
interest paid & ITR Filedinterest paid & ITR Filedinterest paid & ITR Filedinterest paid & ITR Filed–––– penalty penalty penalty penalty
increased from 10% to 30% of incomeincreased from 10% to 30% of incomeincreased from 10% to 30% of incomeincreased from 10% to 30% of income
�If source not declared or other If source not declared or other If source not declared or other If source not declared or other
conditions not satisfied conditions not satisfied conditions not satisfied conditions not satisfied –––– Penalty fixed Penalty fixed Penalty fixed Penalty fixed
@ 60% of income by Finance Act 2016@ 60% of income by Finance Act 2016@ 60% of income by Finance Act 2016@ 60% of income by Finance Act 2016
Lunawat & Co.
PMGKYPMGKYPMGKYPMGKY 2016 & 2016 & 2016 & 2016 & PMGKDSPMGKDSPMGKDSPMGKDS 2016201620162016� Taxation and Investment Regime for Pradhan Taxation and Investment Regime for Pradhan Taxation and Investment Regime for Pradhan Taxation and Investment Regime for Pradhan
MantriMantriMantriMantri GaribGaribGaribGarib KKKKalyanalyanalyanalyan YojnaYojnaYojnaYojna 2016 2016 2016 2016
� Chapter IX A introduced in Finance Act.Chapter IX A introduced in Finance Act.Chapter IX A introduced in Finance Act.Chapter IX A introduced in Finance Act.
� Any person including non resident can declareAny person including non resident can declareAny person including non resident can declareAny person including non resident can declare
� Deposit in scheme named as Pradhan Deposit in scheme named as Pradhan Deposit in scheme named as Pradhan Deposit in scheme named as Pradhan MantriMantriMantriMantri
GaribGaribGaribGarib KalyanKalyanKalyanKalyan Deposit Scheme 2016 Deposit Scheme 2016 Deposit Scheme 2016 Deposit Scheme 2016
� Tax in PMGKY 2016Tax in PMGKY 2016Tax in PMGKY 2016Tax in PMGKY 2016
� Investment in PMGKDS 2016Investment in PMGKDS 2016Investment in PMGKDS 2016Investment in PMGKDS 2016
� Commences on 17Commences on 17Commences on 17Commences on 17thththth December 2016December 2016December 2016December 2016
� Ends on 31Ends on 31Ends on 31Ends on 31stststst March 2017March 2017March 2017March 2017
Lunawat & Co.
PMGKYPMGKYPMGKYPMGKY 2016201620162016�To include cash or deposit in account To include cash or deposit in account To include cash or deposit in account To include cash or deposit in account
maintained with Bank / PO for any A. Y. maintained with Bank / PO for any A. Y. maintained with Bank / PO for any A. Y. maintained with Bank / PO for any A. Y.
commencing on or before 1.4.2017commencing on or before 1.4.2017commencing on or before 1.4.2017commencing on or before 1.4.2017
�Declaration in Form 1Declaration in Form 1Declaration in Form 1Declaration in Form 1
�Amount declared not to be included in total Amount declared not to be included in total Amount declared not to be included in total Amount declared not to be included in total
incomeincomeincomeincome
�Certificate in Form 2 within 30 days from Certificate in Form 2 within 30 days from Certificate in Form 2 within 30 days from Certificate in Form 2 within 30 days from
end of month in which declaration madeend of month in which declaration madeend of month in which declaration madeend of month in which declaration made
�Revision Revision Revision Revision allowed due to omission or wrong allowed due to omission or wrong allowed due to omission or wrong allowed due to omission or wrong
statementstatementstatementstatement––––within time within time within time within time limitlimitlimitlimit
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PMGKYPMGKYPMGKYPMGKY 2016201620162016�No deduction of any expenditure or No deduction of any expenditure or No deduction of any expenditure or No deduction of any expenditure or
allowance to be allowed against allowance to be allowed against allowance to be allowed against allowance to be allowed against
income in respect of which declaration income in respect of which declaration income in respect of which declaration income in respect of which declaration
is made.is made.is made.is made.
�Tax to be paid @ 30% plus surcharge Tax to be paid @ 30% plus surcharge Tax to be paid @ 30% plus surcharge Tax to be paid @ 30% plus surcharge
(PMGKC) @ 33% &(PMGKC) @ 33% &(PMGKC) @ 33% &(PMGKC) @ 33% & penalty @ 10% penalty @ 10% penalty @ 10% penalty @ 10% of of of of
income i.eincome i.eincome i.eincome i.e. . . . 49.90% in ITNS 28749.90% in ITNS 28749.90% in ITNS 28749.90% in ITNS 287
�To be paid before making declarationTo be paid before making declarationTo be paid before making declarationTo be paid before making declaration
�Amount paid is not refundableAmount paid is not refundableAmount paid is not refundableAmount paid is not refundable
Lunawat & Co.
PMGKDSPMGKDSPMGKDSPMGKDS 2016201620162016�To deposit not less than 25To deposit not less than 25To deposit not less than 25To deposit not less than 25% of % of % of % of
undisclosed income in PMGKDS 2016 undisclosed income in PMGKDS 2016 undisclosed income in PMGKDS 2016 undisclosed income in PMGKDS 2016
Lock Lock Lock Lock in period of 4 in period of 4 in period of 4 in period of 4 yearsyearsyearsyears
�Deposit in multiple of Deposit in multiple of Deposit in multiple of Deposit in multiple of RsRsRsRs. 100/. 100/. 100/. 100/----
�Deposit in single Deposit in single Deposit in single Deposit in single payment with banks in payment with banks in payment with banks in payment with banks in
Form IIForm IIForm IIForm II
�All Banks to accept deposits and issue All Banks to accept deposits and issue All Banks to accept deposits and issue All Banks to accept deposits and issue
acknowledgementacknowledgementacknowledgementacknowledgement
�Bond ledger A/c with RBI Bond ledger A/c with RBI Bond ledger A/c with RBI Bond ledger A/c with RBI –––– Certificate in Certificate in Certificate in Certificate in
Form IForm IForm IForm I
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PMGKDSPMGKDSPMGKDSPMGKDS 2016201620162016�No interest to be paidNo interest to be paidNo interest to be paidNo interest to be paid
�Applicant to have PANApplicant to have PANApplicant to have PANApplicant to have PAN
�Nomination to be made in Form III Nomination to be made in Form III Nomination to be made in Form III Nomination to be made in Form III
�Nomination varied / cancelled Nomination varied / cancelled Nomination varied / cancelled Nomination varied / cancelled ---- Form IVForm IVForm IVForm IV
�Transferable to nominee /legal heir in case Transferable to nominee /legal heir in case Transferable to nominee /legal heir in case Transferable to nominee /legal heir in case
of death onlyof death onlyof death onlyof death only
�Bonds not TradableBonds not TradableBonds not TradableBonds not Tradable
�On maturity On maturity On maturity On maturity ---- credit to bank a/c as per credit to bank a/c as per credit to bank a/c as per credit to bank a/c as per
details on record details on record details on record details on record –––– if changed if changed if changed if changed ---- intimateintimateintimateintimate
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NOT TO APPLY NOT TO APPLY NOT TO APPLY NOT TO APPLY –––– CASES SPECIFIED UNDERCASES SPECIFIED UNDERCASES SPECIFIED UNDERCASES SPECIFIED UNDER
� Conservation of Foreign Exchange and Prevention of Conservation of Foreign Exchange and Prevention of Conservation of Foreign Exchange and Prevention of Conservation of Foreign Exchange and Prevention of
Smuggling Activities Act, 1974. Smuggling Activities Act, 1974. Smuggling Activities Act, 1974. Smuggling Activities Act, 1974.
� Offence punishable under Chapter IX or Chapter XVII of Offence punishable under Chapter IX or Chapter XVII of Offence punishable under Chapter IX or Chapter XVII of Offence punishable under Chapter IX or Chapter XVII of
the Indian Penal Codethe Indian Penal Codethe Indian Penal Codethe Indian Penal Code
� Narcotic Drugs and Psychotropic Substances ActNarcotic Drugs and Psychotropic Substances ActNarcotic Drugs and Psychotropic Substances ActNarcotic Drugs and Psychotropic Substances Act
� Cases Cases Cases Cases under Black Money Actunder Black Money Actunder Black Money Actunder Black Money Act
� Persons notified under Special Court (Trial of offences Persons notified under Special Court (Trial of offences Persons notified under Special Court (Trial of offences Persons notified under Special Court (Trial of offences
relating to securities) Act 1992relating to securities) Act 1992relating to securities) Act 1992relating to securities) Act 1992
� Unlawful Activities (Prevention) Act, 1967, Unlawful Activities (Prevention) Act, 1967, Unlawful Activities (Prevention) Act, 1967, Unlawful Activities (Prevention) Act, 1967,
� Prevention of Corruption Act, 1988, Prevention of Corruption Act, 1988, Prevention of Corruption Act, 1988, Prevention of Corruption Act, 1988,
� Prohibition of Prohibition of Prohibition of Prohibition of BenamiBenamiBenamiBenami Property Transactions Act, 1988 Property Transactions Act, 1988 Property Transactions Act, 1988 Property Transactions Act, 1988
� Prevention of MoneyPrevention of MoneyPrevention of MoneyPrevention of Money----Laundering Act, 2002Laundering Act, 2002Laundering Act, 2002Laundering Act, 2002
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EVIDENCEEVIDENCEEVIDENCEEVIDENCE•Notwithstanding anything contained in any Notwithstanding anything contained in any Notwithstanding anything contained in any Notwithstanding anything contained in any other law for the time being in force, other law for the time being in force, other law for the time being in force, other law for the time being in force, nothing contained in any declaration made nothing contained in any declaration made nothing contained in any declaration made nothing contained in any declaration made u/s 183 shall be admissible in evidence u/s 183 shall be admissible in evidence u/s 183 shall be admissible in evidence u/s 183 shall be admissible in evidence against declarant for purpose of any against declarant for purpose of any against declarant for purpose of any against declarant for purpose of any proceeding relating to imposition of proceeding relating to imposition of proceeding relating to imposition of proceeding relating to imposition of penalty, penalty, penalty, penalty, other than the penalty other than the penalty other than the penalty other than the penalty leviableleviableleviableleviable u/s u/s u/s u/s 185, or for purposes of prosecution under 185, or for purposes of prosecution under 185, or for purposes of prosecution under 185, or for purposes of prosecution under IT Act or the WT Act.IT Act or the WT Act.IT Act or the WT Act.IT Act or the WT Act.
IDS IDS IDS IDS 2016201620162016
•NothwithstandingNothwithstandingNothwithstandingNothwithstanding anything contained in anything contained in anything contained in anything contained in any other law for the time being in force, any other law for the time being in force, any other law for the time being in force, any other law for the time being in force, nothing contained in any declaration made nothing contained in any declaration made nothing contained in any declaration made nothing contained in any declaration made u/s 199C(1) shall be admissible in u/s 199C(1) shall be admissible in u/s 199C(1) shall be admissible in u/s 199C(1) shall be admissible in evidence against the declarant for the evidence against the declarant for the evidence against the declarant for the evidence against the declarant for the purpose of any proceeding under any Act purpose of any proceeding under any Act purpose of any proceeding under any Act purpose of any proceeding under any Act other than the Acts mentioned in section other than the Acts mentioned in section other than the Acts mentioned in section other than the Acts mentioned in section 199199199199----OOOO
PMGKDS PMGKDS PMGKDS PMGKDS 2016201620162016
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115BBE VS. 115BBE VS. 115BBE VS. 115BBE VS. PMGKDSPMGKDSPMGKDSPMGKDS
�Assumptions:Assumptions:Assumptions:Assumptions:
�Amount to be disclosed Amount to be disclosed Amount to be disclosed Amount to be disclosed RsRsRsRs. 10 . 10 . 10 . 10
LakhsLakhsLakhsLakhs
�No SourceNo SourceNo SourceNo Source
�Tax to be paid during the year, hence Tax to be paid during the year, hence Tax to be paid during the year, hence Tax to be paid during the year, hence
no penaltyno penaltyno penaltyno penalty
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115BBE VS. 115BBE VS. 115BBE VS. 115BBE VS. PMGKDSPMGKDSPMGKDSPMGKDSLunawat & Co.
S.115BBES.115BBES.115BBES.115BBE PMGKDSPMGKDSPMGKDSPMGKDS
Tax to be paidTax to be paidTax to be paidTax to be paid 7.7257.7257.7257.725 4.994.994.994.99
To be deposited in SchemeTo be deposited in SchemeTo be deposited in SchemeTo be deposited in Scheme NilNilNilNil 2.502.502.502.50
ImmediateImmediateImmediateImmediate available in available in available in available in
HandHandHandHand
2.2752.2752.2752.275 2.512.512.512.51
InttInttInttIntt @ 9% earned for 4 @ 9% earned for 4 @ 9% earned for 4 @ 9% earned for 4
yearsyearsyearsyears
0.820.820.820.82 0.900.900.900.90
Money in hand after 4 Money in hand after 4 Money in hand after 4 Money in hand after 4
yearsyearsyearsyears
3.0953.0953.0953.095 5.915.915.915.91
TAX NOT PAID TAX NOT PAID TAX NOT PAID TAX NOT PAID –––– 115BBE APPLICABLE115BBE APPLICABLE115BBE APPLICABLE115BBE APPLICABLELunawat & Co.
143(3)143(3)143(3)143(3)
//// 147147147147
158BC158BC158BC158BC
Tax to be paid on Tax to be paid on Tax to be paid on Tax to be paid on
assessmentassessmentassessmentassessment
7.7257.7257.7257.725 7.7257.7257.7257.725
Penalty u/s 271AACPenalty u/s 271AACPenalty u/s 271AACPenalty u/s 271AAC 0.750.750.750.75 NANANANA
Penalty u/s 271AAB Penalty u/s 271AAB Penalty u/s 271AAB Penalty u/s 271AAB
(No source)(No source)(No source)(No source)
NANANANA 6.006.006.006.00
Total (Plus Interest)Total (Plus Interest)Total (Plus Interest)Total (Plus Interest) 8.4758.4758.4758.475 13.72513.72513.72513.725
PMGKYPMGKYPMGKYPMGKY 2016 & 2016 & 2016 & 2016 & PMGKDSPMGKDSPMGKDSPMGKDS 2016201620162016Lunawat & Co.
Decide the Decide the Decide the Decide the amount to be amount to be amount to be amount to be discloseddiscloseddiscloseddisclosed
Deposit Tax Deposit Tax Deposit Tax Deposit Tax etcetcetcetc@ 49.90% in @ 49.90% in @ 49.90% in @ 49.90% in ITNS 287ITNS 287ITNS 287ITNS 287
Deposit 25% of Deposit 25% of Deposit 25% of Deposit 25% of undisclosed undisclosed undisclosed undisclosed amount in amount in amount in amount in
PMGKDS 2016 PMGKDS 2016 PMGKDS 2016 PMGKDS 2016 in Form IIin Form IIin Form IIin Form II
Get the Get the Get the Get the Certificate of Certificate of Certificate of Certificate of
Deposit in Form Deposit in Form Deposit in Form Deposit in Form I I I I
File declaration File declaration File declaration File declaration for PMGKY for PMGKY for PMGKY for PMGKY
2016 in Form 12016 in Form 12016 in Form 12016 in Form 1
On successful On successful On successful On successful declaration get declaration get declaration get declaration get certificate in certificate in certificate in certificate in
Form 2Form 2Form 2Form 2
FORM 1 ESSENTIALSFORM 1 ESSENTIALSFORM 1 ESSENTIALSFORM 1 ESSENTIALS� To login to To login to To login to To login to www.incometaxindiaefiling.gov.inwww.incometaxindiaefiling.gov.inwww.incometaxindiaefiling.gov.inwww.incometaxindiaefiling.gov.in
� To select:To select:To select:To select:
� Jurisdictional Pr. CIT / CIT; orJurisdictional Pr. CIT / CIT; orJurisdictional Pr. CIT / CIT; orJurisdictional Pr. CIT / CIT; or
� (CIT) CPC(CIT) CPC(CIT) CPC(CIT) CPC,,,, BengaluruBengaluruBengaluruBengaluru
� To give detail of:To give detail of:To give detail of:To give detail of:
� Amount held in cashAmount held in cashAmount held in cashAmount held in cash
� Amount deposited in bank / PO Amount deposited in bank / PO Amount deposited in bank / PO Amount deposited in bank / PO –––– IFSC codeIFSC codeIFSC codeIFSC code
� To attach:To attach:To attach:To attach:
� Tax payment Tax payment Tax payment Tax payment challanchallanchallanchallan ITNS 287ITNS 287ITNS 287ITNS 287
� Proof of deposit in PMGKDS 2016Proof of deposit in PMGKDS 2016Proof of deposit in PMGKDS 2016Proof of deposit in PMGKDS 2016
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DEMONETIZATION DEMONETIZATION DEMONETIZATION DEMONETIZATION –––– WHAT TO DO?WHAT TO DO?WHAT TO DO?WHAT TO DO?
� Deposit cash as per books / cash flow Deposit cash as per books / cash flow Deposit cash as per books / cash flow Deposit cash as per books / cash flow –––– as on 8as on 8as on 8as on 8thththth
November 2016November 2016November 2016November 2016
� Avail PMGKY 2016 & PMGKDS 2016 if no sourceAvail PMGKY 2016 & PMGKDS 2016 if no sourceAvail PMGKY 2016 & PMGKDS 2016 if no sourceAvail PMGKY 2016 & PMGKDS 2016 if no source
� Limited ScrutinyLimited ScrutinyLimited ScrutinyLimited Scrutiny
� Ultimately IT assessment to be doneUltimately IT assessment to be doneUltimately IT assessment to be doneUltimately IT assessment to be done
� Revised ITR for AY 2015Revised ITR for AY 2015Revised ITR for AY 2015Revised ITR for AY 2015----16 !!!!!!16 !!!!!!16 !!!!!!16 !!!!!!
� Do Do Do Do not get swayed by rumours and forwarded not get swayed by rumours and forwarded not get swayed by rumours and forwarded not get swayed by rumours and forwarded
messagesmessagesmessagesmessages
� Believe in your ability and knowledge.. Believe in your ability and knowledge.. Believe in your ability and knowledge.. Believe in your ability and knowledge..
� Time to contribute to the nation and ProfessionTime to contribute to the nation and ProfessionTime to contribute to the nation and ProfessionTime to contribute to the nation and Profession
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PRESUMPTIVE TAXATIONPRESUMPTIVE TAXATIONPRESUMPTIVE TAXATIONPRESUMPTIVE TAXATION
•PGBP other than PGBP other than PGBP other than PGBP other than professionals and agentsprofessionals and agentsprofessionals and agentsprofessionals and agents44AD44AD44AD44AD
•ProfessionalsProfessionalsProfessionalsProfessionals44ADA44ADA44ADA44ADA
•Goods CarriagesGoods CarriagesGoods CarriagesGoods Carriages44AE44AE44AE44AE
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PRESUMPTIVE TAXATIONPRESUMPTIVE TAXATIONPRESUMPTIVE TAXATIONPRESUMPTIVE TAXATION• Section 44ADSection 44ADSection 44ADSection 44AD
• If income If income If income If income CLAIMEDCLAIMEDCLAIMEDCLAIMED ---- Presumptive then:Presumptive then:Presumptive then:Presumptive then:
• No books of accounts u/s 44AANo books of accounts u/s 44AANo books of accounts u/s 44AANo books of accounts u/s 44AA
• No audit u/s 44ABNo audit u/s 44ABNo audit u/s 44ABNo audit u/s 44AB
• Deemed income of 8% and aboveDeemed income of 8% and aboveDeemed income of 8% and aboveDeemed income of 8% and above
• 6% if receipts by banking / digital 6% if receipts by banking / digital 6% if receipts by banking / digital 6% if receipts by banking / digital
channel (to be proposed in Finance Bill channel (to be proposed in Finance Bill channel (to be proposed in Finance Bill channel (to be proposed in Finance Bill
2017 for FY 20162017 for FY 20162017 for FY 20162017 for FY 2016----17)17)17)17)
• All deductions u/s 30 to 38 deemed to All deductions u/s 30 to 38 deemed to All deductions u/s 30 to 38 deemed to All deductions u/s 30 to 38 deemed to
have been given full effect.have been given full effect.have been given full effect.have been given full effect.
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PRESUMPTIVE TAXATION PRESUMPTIVE TAXATION PRESUMPTIVE TAXATION PRESUMPTIVE TAXATION ---- CHANGESCHANGESCHANGESCHANGES
• Limit u/s 44AD increased from 1 Cr to 2 CrLimit u/s 44AD increased from 1 Cr to 2 CrLimit u/s 44AD increased from 1 Cr to 2 CrLimit u/s 44AD increased from 1 Cr to 2 Cr
• S. 44ADA introduced for Professionals S. 44ADA introduced for Professionals S. 44ADA introduced for Professionals S. 44ADA introduced for Professionals –––– Limit Limit Limit Limit
50 Lacs 50 Lacs 50 Lacs 50 Lacs –––– Deemed Income Deemed Income Deemed Income Deemed Income ----50%50%50%50%
• For firms For firms For firms For firms ---- partners salary & interest not partners salary & interest not partners salary & interest not partners salary & interest not
allowable for business as well as professionalallowable for business as well as professionalallowable for business as well as professionalallowable for business as well as professional
• If benefit u/s 44AD not claimed in 1 year then If benefit u/s 44AD not claimed in 1 year then If benefit u/s 44AD not claimed in 1 year then If benefit u/s 44AD not claimed in 1 year then
cannot claim in next 5 years. In such case to cannot claim in next 5 years. In such case to cannot claim in next 5 years. In such case to cannot claim in next 5 years. In such case to
maintain books if income > maximum amount maintain books if income > maximum amount maintain books if income > maximum amount maintain books if income > maximum amount
not chargeable to tax and audit u/s 44ABnot chargeable to tax and audit u/s 44ABnot chargeable to tax and audit u/s 44ABnot chargeable to tax and audit u/s 44AB
• No similar clause for professionals u/s 44ADANo similar clause for professionals u/s 44ADANo similar clause for professionals u/s 44ADANo similar clause for professionals u/s 44ADA
• Advance Tax for 44AD onlyAdvance Tax for 44AD onlyAdvance Tax for 44AD onlyAdvance Tax for 44AD only–––– 15151515thththth MarchMarchMarchMarch
APPLICABILITY OF 44AD / 44AB ON MR. AAPPLICABILITY OF 44AD / 44AB ON MR. AAPPLICABILITY OF 44AD / 44AB ON MR. AAPPLICABILITY OF 44AD / 44AB ON MR. A
•Y/N
AY 2017AY 2017AY 2017AY 2017----18 18 18 18 –––– T T T T –––– RsRsRsRs. 120 Lacs . P . 120 Lacs . P . 120 Lacs . P . 120 Lacs . P –––– 10 L, TI 10 L, TI 10 L, TI 10 L, TI –––– 9 L 9 L 9 L 9 L
•N/Y
AY 2018AY 2018AY 2018AY 2018----19 19 19 19 –––– T T T T –––– RsRsRsRs. 120 Lacs . P . 120 Lacs . P . 120 Lacs . P . 120 Lacs . P –––– 8 L, TI 8 L, TI 8 L, TI 8 L, TI –––– 6 L 6 L 6 L 6 L
•N/Y
AY 2019AY 2019AY 2019AY 2019----20 20 20 20 –––– T T T T –––– RsRsRsRs. 70 Lacs . P . 70 Lacs . P . 70 Lacs . P . 70 Lacs . P ––––10 L, TI 10 L, TI 10 L, TI 10 L, TI –––– 9 L9 L9 L9 L
•N/N
AY 2020AY 2020AY 2020AY 2020----21 21 21 21 –––– T T T T –––– RsRsRsRs. 60 Lacs . P . 60 Lacs . P . 60 Lacs . P . 60 Lacs . P ––––10 L, TI 10 L, TI 10 L, TI 10 L, TI –––– 2 L 2 L 2 L 2 L
Lunawat & Co.
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40A VS 44AD40A VS 44AD40A VS 44AD40A VS 44AD• Both s. 40A & s. 44AD use nonBoth s. 40A & s. 44AD use nonBoth s. 40A & s. 44AD use nonBoth s. 40A & s. 44AD use non----obstante obstante obstante obstante
clause clause clause clause
• Where there is a conflict between a general Where there is a conflict between a general Where there is a conflict between a general Where there is a conflict between a general
and special provisions, the latter shall prevail and special provisions, the latter shall prevail and special provisions, the latter shall prevail and special provisions, the latter shall prevail ----
Union of India & Union of India & Union of India & Union of India & AnrAnrAnrAnr. vs. India . vs. India . vs. India . vs. India FishariesFishariesFishariesFisharies (P) Ltd. (P) Ltd. (P) Ltd. (P) Ltd.
(1965) 57 ITR 331(SC).(1965) 57 ITR 331(SC).(1965) 57 ITR 331(SC).(1965) 57 ITR 331(SC).
• This rule is subject to the condition that there This rule is subject to the condition that there This rule is subject to the condition that there This rule is subject to the condition that there
is nothing in the general provisions, express or is nothing in the general provisions, express or is nothing in the general provisions, express or is nothing in the general provisions, express or
implied, indicating any intention to the implied, indicating any intention to the implied, indicating any intention to the implied, indicating any intention to the
contrary contrary contrary contrary ---- CIT vs. CIT vs. CIT vs. CIT vs. ShahzadaShahzadaShahzadaShahzada NandNandNandNand & Sons & Sons & Sons & Sons
(1966) 60 ITR 392 (SC) (1966) 60 ITR 392 (SC) (1966) 60 ITR 392 (SC) (1966) 60 ITR 392 (SC)
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40A VS 44AD40A VS 44AD40A VS 44AD40A VS 44AD• Applying the said rules of interpretation, it is Applying the said rules of interpretation, it is Applying the said rules of interpretation, it is Applying the said rules of interpretation, it is
clear that since s. 44AD is a special provision clear that since s. 44AD is a special provision clear that since s. 44AD is a special provision clear that since s. 44AD is a special provision
whereas s. 40A is a general provision & there whereas s. 40A is a general provision & there whereas s. 40A is a general provision & there whereas s. 40A is a general provision & there
is nothing in s. 40A indicating any intention to is nothing in s. 40A indicating any intention to is nothing in s. 40A indicating any intention to is nothing in s. 40A indicating any intention to
the contrary, s. 40A will have no application the contrary, s. 40A will have no application the contrary, s. 40A will have no application the contrary, s. 40A will have no application
where a case is covered by s. 44ADwhere a case is covered by s. 44ADwhere a case is covered by s. 44ADwhere a case is covered by s. 44AD
• Also s. 44AD is a later section and Legislature Also s. 44AD is a later section and Legislature Also s. 44AD is a later section and Legislature Also s. 44AD is a later section and Legislature
must have deliberately used in that section the must have deliberately used in that section the must have deliberately used in that section the must have deliberately used in that section the
nonnonnonnon----obstantaobstantaobstantaobstanta clause despite the fact that s. clause despite the fact that s. clause despite the fact that s. clause despite the fact that s.
40A, which is already on the statute, is using 40A, which is already on the statute, is using 40A, which is already on the statute, is using 40A, which is already on the statute, is using
the same expression. the same expression. the same expression. the same expression.
APPLICABILITY OF 44AD(44ADA) /44ABAPPLICABILITY OF 44AD(44ADA) /44ABAPPLICABILITY OF 44AD(44ADA) /44ABAPPLICABILITY OF 44AD(44ADA) /44AB ---- AY 2017AY 2017AY 2017AY 2017----18181818
• AD AD AD AD ---- NoNoNoNo
• AB AB AB AB ---- YesYesYesYes
Mfg. Mfg. Mfg. Mfg. ---- Turnover Turnover Turnover Turnover –––– 120L; NP 120L; NP 120L; NP 120L; NP –––– 10 L; 8010 L; 8010 L; 8010 L; 80----IA IA IA IA –––– 7 L; 7 L; 7 L; 7 L; TITITITI----2.40L2.40L2.40L2.40L
• AD AD AD AD –––– NoNoNoNo
• ADA ADA ADA ADA ---- NoNoNoNo
• AB AB AB AB ---- YesYesYesYes
TradingTradingTradingTrading---- Turnover Turnover Turnover Turnover –––– 90L; NP 90L; NP 90L; NP 90L; NP ----3L; Architect 3L; Architect 3L; Architect 3L; Architect ––––Fee Fee Fee Fee –––– 55 L; NP55 L; NP55 L; NP55 L; NP---- 15 L; TI15 L; TI15 L; TI15 L; TI----7L7L7L7L
• AD AD AD AD –––– NoNoNoNo
• ADA ADA ADA ADA ---- YesYesYesYes
• AB AB AB AB ---- YesYesYesYes
Doctor Doctor Doctor Doctor –––– Trading Turnover Trading Turnover Trading Turnover Trading Turnover –––– 120L 120L 120L 120L ---- NP NP NP NP –––– 8 L; 8 L; 8 L; 8 L; Fee Fee Fee Fee –––– 27 L 27 L 27 L 27 L –––– NP 15 L; TINP 15 L; TINP 15 L; TINP 15 L; TI---- 20 L20 L20 L20 L
• AD AD AD AD ---- NoNoNoNo
• AB AB AB AB ---- YesYesYesYes
Trading; Turnover Trading; Turnover Trading; Turnover Trading; Turnover ----120L; Commission 120L; Commission 120L; Commission 120L; Commission ---- 2L; NP2L; NP2L; NP2L; NP----5L; TI 4L 5L; TI 4L 5L; TI 4L 5L; TI 4L
Lunawat & Co.
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SECTION 44AD ESSENTIALSSECTION 44AD ESSENTIALSSECTION 44AD ESSENTIALSSECTION 44AD ESSENTIALS• Should be eligible Should be eligible Should be eligible Should be eligible assesseeassesseeassesseeassessee
• Ind., HUF, Firm (except LLP); andInd., HUF, Firm (except LLP); andInd., HUF, Firm (except LLP); andInd., HUF, Firm (except LLP); and
• No s. 10A, 10AA, 10B, 10BA & No s. 10A, 10AA, 10B, 10BA & No s. 10A, 10AA, 10B, 10BA & No s. 10A, 10AA, 10B, 10BA & ChpChpChpChp VIA Part CVIA Part CVIA Part CVIA Part C
• Should be doing eligible businessShould be doing eligible businessShould be doing eligible businessShould be doing eligible business
• Any except 44AE; andAny except 44AE; andAny except 44AE; andAny except 44AE; and
• Turnover Turnover Turnover Turnover < < < < 2 2 2 2 CrsCrsCrsCrs
• Section not applicable to a person carrying:Section not applicable to a person carrying:Section not applicable to a person carrying:Section not applicable to a person carrying:
• ProfessionProfessionProfessionProfession
• Commission or brokerageCommission or brokerageCommission or brokerageCommission or brokerage
• Agency businessAgency businessAgency businessAgency business
• Deemed profit 8% or moreDeemed profit 8% or moreDeemed profit 8% or moreDeemed profit 8% or more
• Commensurate with bank account !!!Commensurate with bank account !!!Commensurate with bank account !!!Commensurate with bank account !!!
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SECTION 44ADA ESSENTIALSSECTION 44ADA ESSENTIALSSECTION 44ADA ESSENTIALSSECTION 44ADA ESSENTIALS
• Should be engaged in profession Should be engaged in profession Should be engaged in profession Should be engaged in profession
–––– section section section section 44AA 44AA 44AA 44AA read with rule 6Fread with rule 6Fread with rule 6Fread with rule 6F
• Gross receipt Gross receipt Gross receipt Gross receipt < < < < 50 Lakhs50 Lakhs50 Lakhs50 Lakhs
• Deemed profit 50% or moreDeemed profit 50% or moreDeemed profit 50% or moreDeemed profit 50% or more
• Commensurate with bank Commensurate with bank Commensurate with bank Commensurate with bank
account !!!account !!!account !!!account !!!
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PROFESSIONPROFESSIONPROFESSIONPROFESSION• Section 44AA read with Rule 6FSection 44AA read with Rule 6FSection 44AA read with Rule 6FSection 44AA read with Rule 6F
• AccountancyAccountancyAccountancyAccountancy
• ArchitecturalArchitecturalArchitecturalArchitectural
• Authorised RepresentativeAuthorised RepresentativeAuthorised RepresentativeAuthorised Representative
• Company SecretaryCompany SecretaryCompany SecretaryCompany Secretary
• EngineeringEngineeringEngineeringEngineering
• Film Artist, actors, cameramen, editor……Film Artist, actors, cameramen, editor……Film Artist, actors, cameramen, editor……Film Artist, actors, cameramen, editor……
• Interior DecorationInterior DecorationInterior DecorationInterior Decoration
• LegalLegalLegalLegal
• MedicalMedicalMedicalMedical
• Technical ConsultancyTechnical ConsultancyTechnical ConsultancyTechnical Consultancy
• Information TechnologyInformation TechnologyInformation TechnologyInformation Technology
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PROFESSIONPROFESSIONPROFESSIONPROFESSION• Held as businessHeld as businessHeld as businessHeld as business
• Advertising agentAdvertising agentAdvertising agentAdvertising agent
• Clearing, forwarding & shipping agentsClearing, forwarding & shipping agentsClearing, forwarding & shipping agentsClearing, forwarding & shipping agents
• Insurance agentsInsurance agentsInsurance agentsInsurance agents
• Travel agentTravel agentTravel agentTravel agent
• Stock and share brokingStock and share brokingStock and share brokingStock and share broking
• Courier agencyCourier agencyCourier agencyCourier agency
• Nursing HomeNursing HomeNursing HomeNursing Home
• Are they hence covered u/s 44AD??Are they hence covered u/s 44AD??Are they hence covered u/s 44AD??Are they hence covered u/s 44AD??
WHAT IS PENNY STOCKWHAT IS PENNY STOCKWHAT IS PENNY STOCKWHAT IS PENNY STOCK�As per As per As per As per wikipediawikipediawikipediawikipedia ---- Penny Penny Penny Penny stocks are stocks are stocks are stocks are
common shares of small public common shares of small public common shares of small public common shares of small public cos. cos. cos. cos.
that trade at low prices per share.that trade at low prices per share.that trade at low prices per share.that trade at low prices per share.
� In In In In USA, U.SUSA, U.SUSA, U.SUSA, U.S. Securities . Securities . Securities . Securities & & & & Exchange Exchange Exchange Exchange Comm. Comm. Comm. Comm.
(SEC) defines (SEC) defines (SEC) defines (SEC) defines it as it as it as it as security that trades below security that trades below security that trades below security that trades below
$5$5$5$5----perperperper----share, is not listed share, is not listed share, is not listed share, is not listed on on on on national national national national
exchange & exchange & exchange & exchange & fails to meet other specific fails to meet other specific fails to meet other specific fails to meet other specific criteria.criteria.criteria.criteria.
� In U.K In U.K In U.K In U.K stocks priced under £stocks priced under £stocks priced under £stocks priced under £1.1.1.1.
� In India In India In India In India –––– No law No law No law No law ----generally market cap. < generally market cap. < generally market cap. < generally market cap. < RsRsRsRs. . . .
100 cr. & share traded <100 cr. & share traded <100 cr. & share traded <100 cr. & share traded <RsRsRsRs. 10/. 10/. 10/. 10/---- per shareper shareper shareper share
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SEVERAL WEBSITES SEVERAL WEBSITES SEVERAL WEBSITES SEVERAL WEBSITES �Several websites recommend investing in Several websites recommend investing in Several websites recommend investing in Several websites recommend investing in
penny stocks world penny stocks world penny stocks world penny stocks world wide..butwide..butwide..butwide..but with a cautionwith a cautionwith a cautionwith a caution
�www.pennystocks.comwww.pennystocks.comwww.pennystocks.comwww.pennystocks.com
�www.allpennystocks.comwww.allpennystocks.comwww.allpennystocks.comwww.allpennystocks.com
�www.pennystockobserver.comwww.pennystockobserver.comwww.pennystockobserver.comwww.pennystockobserver.com
�www.pennystocklist.comwww.pennystocklist.comwww.pennystocklist.comwww.pennystocklist.com
�www.smartmoneygoal.inwww.smartmoneygoal.inwww.smartmoneygoal.inwww.smartmoneygoal.in
�www.moneyexcel.comwww.moneyexcel.comwww.moneyexcel.comwww.moneyexcel.com
� http://nseguide.com/category/pennyhttp://nseguide.com/category/pennyhttp://nseguide.com/category/pennyhttp://nseguide.com/category/penny----stocks/stocks/stocks/stocks/
� http://penny.tipz.in/http://penny.tipz.in/http://penny.tipz.in/http://penny.tipz.in/
� How to become a Penny Stock Millionaire -https://www.youtube.com/watch?v=3NZtaIFqFYw
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REGULATORREGULATORREGULATORREGULATOR
�SEBI is the Indian regulator for listed SEBI is the Indian regulator for listed SEBI is the Indian regulator for listed SEBI is the Indian regulator for listed
companies in Indiacompanies in Indiacompanies in Indiacompanies in India
�It had It had It had It had barred 59 entities from trading, barred 59 entities from trading, barred 59 entities from trading, barred 59 entities from trading,
buying, selling or dealing in the buying, selling or dealing in the buying, selling or dealing in the buying, selling or dealing in the
securities markets, either directly or securities markets, either directly or securities markets, either directly or securities markets, either directly or
indirectly in August 2015.indirectly in August 2015.indirectly in August 2015.indirectly in August 2015.
�2222----3 Times earlier also barred.3 Times earlier also barred.3 Times earlier also barred.3 Times earlier also barred.
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OLD DECISIONSOLD DECISIONSOLD DECISIONSOLD DECISIONS�Mukesh R. Mukesh R. Mukesh R. Mukesh R. MaroliaMaroliaMaroliaMarolia vs. ACIT [2006] 6 SOT vs. ACIT [2006] 6 SOT vs. ACIT [2006] 6 SOT vs. ACIT [2006] 6 SOT
247 (Mum 247 (Mum 247 (Mum 247 (Mum TribTribTribTrib))))�In the present case, howsoever unbelievable it might In the present case, howsoever unbelievable it might In the present case, howsoever unbelievable it might In the present case, howsoever unbelievable it might
be, every transaction of the be, every transaction of the be, every transaction of the be, every transaction of the assesseeassesseeassesseeassessee has been has been has been has been
accounted, documented and supported.accounted, documented and supported.accounted, documented and supported.accounted, documented and supported.
�Even the evidences collected from the concerned Even the evidences collected from the concerned Even the evidences collected from the concerned Even the evidences collected from the concerned
parties have been ultimately turned in favour of the parties have been ultimately turned in favour of the parties have been ultimately turned in favour of the parties have been ultimately turned in favour of the
assesseeassesseeassesseeassessee. . . .
�Therefore, it is very difficult to brush aside the Therefore, it is very difficult to brush aside the Therefore, it is very difficult to brush aside the Therefore, it is very difficult to brush aside the
contentions of the contentions of the contentions of the contentions of the assesseeassesseeassesseeassessee that he had purchased that he had purchased that he had purchased that he had purchased
shares and he had sold shares and ultimately he had shares and he had sold shares and ultimately he had shares and he had sold shares and ultimately he had shares and he had sold shares and ultimately he had
purchased a flat utilising the sale proceeds of those purchased a flat utilising the sale proceeds of those purchased a flat utilising the sale proceeds of those purchased a flat utilising the sale proceeds of those
shares.shares.shares.shares.
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� Purchase of 8,500 shares of Purchase of 8,500 shares of Purchase of 8,500 shares of Purchase of 8,500 shares of NageshwarNageshwarNageshwarNageshwar Investment Ltd. at Investment Ltd. at Investment Ltd. at Investment Ltd. at
Calcutta Stock Exchange Cost Calcutta Stock Exchange Cost Calcutta Stock Exchange Cost Calcutta Stock Exchange Cost RsRsRsRs. 17170/. 17170/. 17170/. 17170/----
� Sales Sales Sales Sales ---- RsRsRsRs. 7,32,360/. 7,32,360/. 7,32,360/. 7,32,360/----
� Payment & Receipt by account payee chequesPayment & Receipt by account payee chequesPayment & Receipt by account payee chequesPayment & Receipt by account payee cheques
� A.O. adds A.O. adds A.O. adds A.O. adds RsRsRsRs. 7,32,360/. 7,32,360/. 7,32,360/. 7,32,360/---- u/s 68.u/s 68.u/s 68.u/s 68.
� Held Held Held Held ---- A.O. has failed to bring on record any evidence to establish A.O. has failed to bring on record any evidence to establish A.O. has failed to bring on record any evidence to establish A.O. has failed to bring on record any evidence to establish
that evidence filed by that evidence filed by that evidence filed by that evidence filed by assesseeassesseeassesseeassessee as well as share broker were as well as share broker were as well as share broker were as well as share broker were
fabricated or false. …It is not the case of the revenue that there is fabricated or false. …It is not the case of the revenue that there is fabricated or false. …It is not the case of the revenue that there is fabricated or false. …It is not the case of the revenue that there is
no such broker or the distinctive no such broker or the distinctive no such broker or the distinctive no such broker or the distinctive nosnosnosnos of the shares of M/s of the shares of M/s of the shares of M/s of the shares of M/s
NageshwarNageshwarNageshwarNageshwar Investments Ltd. do not exist or the transactions of Investments Ltd. do not exist or the transactions of Investments Ltd. do not exist or the transactions of Investments Ltd. do not exist or the transactions of
purchase and sale of such shares recorded through bank and purchase and sale of such shares recorded through bank and purchase and sale of such shares recorded through bank and purchase and sale of such shares recorded through bank and
dematdematdematdemat form are fictitious. The A.O. has simply acted on the form are fictitious. The A.O. has simply acted on the form are fictitious. The A.O. has simply acted on the form are fictitious. The A.O. has simply acted on the
information gathered from the Calcutta Stock Exchange.information gathered from the Calcutta Stock Exchange.information gathered from the Calcutta Stock Exchange.information gathered from the Calcutta Stock Exchange.
ITO vs. Raj Kumar Agarwal, ITA No. 1330/K/07, dated 10.08.2007ITO vs. Raj Kumar Agarwal, ITA No. 1330/K/07, dated 10.08.2007ITO vs. Raj Kumar Agarwal, ITA No. 1330/K/07, dated 10.08.2007ITO vs. Raj Kumar Agarwal, ITA No. 1330/K/07, dated 10.08.2007
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OLD DECISIONSOLD DECISIONSOLD DECISIONSOLD DECISIONS
�CIT vs. CIT vs. CIT vs. CIT vs. CarboCarboCarboCarbo Industrial Holdings Ltd. (2000) Industrial Holdings Ltd. (2000) Industrial Holdings Ltd. (2000) Industrial Holdings Ltd. (2000) 244 244 244 244
ITR 422 (Cal)ITR 422 (Cal)ITR 422 (Cal)ITR 422 (Cal)
�Payment by a/c cheque has not been disputed. Payment by a/c cheque has not been disputed. Payment by a/c cheque has not been disputed. Payment by a/c cheque has not been disputed.
�Payment on purchase & sale & payment received by Payment on purchase & sale & payment received by Payment on purchase & sale & payment received by Payment on purchase & sale & payment received by
a/c payee cheque was on two different dates.a/c payee cheque was on two different dates.a/c payee cheque was on two different dates.a/c payee cheque was on two different dates.
� If share broker, even after issue of summons, does If share broker, even after issue of summons, does If share broker, even after issue of summons, does If share broker, even after issue of summons, does
not appear for that reason, claim of not appear for that reason, claim of not appear for that reason, claim of not appear for that reason, claim of assesseeassesseeassesseeassessee should should should should
not be denied, specially in cases when existence of not be denied, specially in cases when existence of not be denied, specially in cases when existence of not be denied, specially in cases when existence of
broker is not in dispute nor payment is in dispute. broker is not in dispute nor payment is in dispute. broker is not in dispute nor payment is in dispute. broker is not in dispute nor payment is in dispute.
�Merely because some broker failed to appear, Merely because some broker failed to appear, Merely because some broker failed to appear, Merely because some broker failed to appear,
assesseeassesseeassesseeassessee should not be punished for default of broker should not be punished for default of broker should not be punished for default of broker should not be punished for default of broker
& we are in full agreement with Tribunal that on mere & we are in full agreement with Tribunal that on mere & we are in full agreement with Tribunal that on mere & we are in full agreement with Tribunal that on mere
suspicion claim of suspicion claim of suspicion claim of suspicion claim of assesseeassesseeassesseeassessee should not be denied.should not be denied.should not be denied.should not be denied.
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OLD DECISIONSOLD DECISIONSOLD DECISIONSOLD DECISIONS
� Transaction through brokerTransaction through brokerTransaction through brokerTransaction through broker---- but suspended by the SEBI.but suspended by the SEBI.but suspended by the SEBI.but suspended by the SEBI.
� Payment for purchase after 6 Payment for purchase after 6 Payment for purchase after 6 Payment for purchase after 6 mnthsmnthsmnthsmnths---- DematDematDematDemat after 16 after 16 after 16 after 16 mnthsmnthsmnthsmnths
� Held Held Held Held ---- Fact that Broker through whom shares are sold has been Fact that Broker through whom shares are sold has been Fact that Broker through whom shares are sold has been Fact that Broker through whom shares are sold has been
barred from entering transactions barred from entering transactions barred from entering transactions barred from entering transactions w.e.fw.e.fw.e.fw.e.f. Sept. 2005 whereas these . Sept. 2005 whereas these . Sept. 2005 whereas these . Sept. 2005 whereas these
transactions entered by transactions entered by transactions entered by transactions entered by assesseeassesseeassesseeassessee are entered much prior to are entered much prior to are entered much prior to are entered much prior to
suspension of broker i.e. on 24.12.04. Therefore, there is no suspension of broker i.e. on 24.12.04. Therefore, there is no suspension of broker i.e. on 24.12.04. Therefore, there is no suspension of broker i.e. on 24.12.04. Therefore, there is no
reason to disbelieve this transaction.. Contention of revenue that reason to disbelieve this transaction.. Contention of revenue that reason to disbelieve this transaction.. Contention of revenue that reason to disbelieve this transaction.. Contention of revenue that
assesseeassesseeassesseeassessee had made payments after lapse of 16 months is not had made payments after lapse of 16 months is not had made payments after lapse of 16 months is not had made payments after lapse of 16 months is not
acceptable, since, in this case, acceptable, since, in this case, acceptable, since, in this case, acceptable, since, in this case, assesseeassesseeassesseeassessee has entered into several has entered into several has entered into several has entered into several
transactions both purchase/sales which is apparent from ledger of transactions both purchase/sales which is apparent from ledger of transactions both purchase/sales which is apparent from ledger of transactions both purchase/sales which is apparent from ledger of
M/s S.B. M/s S.B. M/s S.B. M/s S.B. ButhraButhraButhraButhra & Co.. Endorsement of company made on & Co.. Endorsement of company made on & Co.. Endorsement of company made on & Co.. Endorsement of company made on
30.08.03 on share certificates & confirmation by broker clearly 30.08.03 on share certificates & confirmation by broker clearly 30.08.03 on share certificates & confirmation by broker clearly 30.08.03 on share certificates & confirmation by broker clearly
establishes that establishes that establishes that establishes that assesseeassesseeassesseeassessee has purchased shares on 20.6.03. has purchased shares on 20.6.03. has purchased shares on 20.6.03. has purchased shares on 20.6.03.
Similarly sales are also reflected in books of Similarly sales are also reflected in books of Similarly sales are also reflected in books of Similarly sales are also reflected in books of assesseeassesseeassesseeassessee which are which are which are which are
supported by contract notes & bank statement. supported by contract notes & bank statement. supported by contract notes & bank statement. supported by contract notes & bank statement. Rahul Rahul Rahul Rahul VashistVashistVashistVashist vs. ITO, ITA NO. 140/K/09 dated 10.08.2007vs. ITO, ITA NO. 140/K/09 dated 10.08.2007vs. ITO, ITA NO. 140/K/09 dated 10.08.2007vs. ITO, ITA NO. 140/K/09 dated 10.08.2007
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�Off market purchase. Shares credited in the Off market purchase. Shares credited in the Off market purchase. Shares credited in the Off market purchase. Shares credited in the DematDematDematDemat A/cA/cA/cA/c
�Variation in the trade time. Quantity of shares traded Variation in the trade time. Quantity of shares traded Variation in the trade time. Quantity of shares traded Variation in the trade time. Quantity of shares traded
also does not tally.also does not tally.also does not tally.also does not tally.
�Held Held Held Held
�Shares available in Shares available in Shares available in Shares available in DematDematDematDemat AccountAccountAccountAccount
�Contract Notes issued by a registered brokerContract Notes issued by a registered brokerContract Notes issued by a registered brokerContract Notes issued by a registered broker
�Sale consideration by account payee chequeSale consideration by account payee chequeSale consideration by account payee chequeSale consideration by account payee cheque
�Off market transactions do not reflect in the Stock Off market transactions do not reflect in the Stock Off market transactions do not reflect in the Stock Off market transactions do not reflect in the Stock
Exchange systemExchange systemExchange systemExchange system
�Variations noted by the A.O. is only a Variations noted by the A.O. is only a Variations noted by the A.O. is only a Variations noted by the A.O. is only a pointer to further pointer to further pointer to further pointer to further
investigate the transactions claimed by the investigate the transactions claimed by the investigate the transactions claimed by the investigate the transactions claimed by the assesseeassesseeassesseeassessee.. .. .. .. DyDyDyDy CIT vs. CIT vs. CIT vs. CIT vs. JagdishJagdishJagdishJagdish Prasad Goel, ITA No. 541/K/10, dated Prasad Goel, ITA No. 541/K/10, dated Prasad Goel, ITA No. 541/K/10, dated Prasad Goel, ITA No. 541/K/10, dated
13.04.201113.04.201113.04.201113.04.2011
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OLD DECISIONSOLD DECISIONSOLD DECISIONSOLD DECISIONS
� When, When, When, When, assesseeassesseeassesseeassessee purchased shares from broker, they were purchased shares from broker, they were purchased shares from broker, they were purchased shares from broker, they were
purchased by him from M/s “S” & when purchased by him from M/s “S” & when purchased by him from M/s “S” & when purchased by him from M/s “S” & when assesseeassesseeassesseeassessee sold shares to sold shares to sold shares to sold shares to
broker, shares were purchased by same M/s “S”. broker, shares were purchased by same M/s “S”. broker, shares were purchased by same M/s “S”. broker, shares were purchased by same M/s “S”.
� ET reported in March 2006 about fraudulent transactions resulting ET reported in March 2006 about fraudulent transactions resulting ET reported in March 2006 about fraudulent transactions resulting ET reported in March 2006 about fraudulent transactions resulting
into false capital gains. into false capital gains. into false capital gains. into false capital gains.
� Transactions not done in the online system.Transactions not done in the online system.Transactions not done in the online system.Transactions not done in the online system.
� Held:Held:Held:Held:
� Shares were quoted in CSEShares were quoted in CSEShares were quoted in CSEShares were quoted in CSE
� Shares were in the Shares were in the Shares were in the Shares were in the DematDematDematDemat A/c. Shares were held in the A/c. Shares were held in the A/c. Shares were held in the A/c. Shares were held in the
assessee’sassessee’sassessee’sassessee’s name for over 12 months. name for over 12 months. name for over 12 months. name for over 12 months.
� Shares were purchased in the off market through broker. Shares were purchased in the off market through broker. Shares were purchased in the off market through broker. Shares were purchased in the off market through broker.
� AssesseeAssesseeAssesseeAssessee is not supposed to know the working of the share is not supposed to know the working of the share is not supposed to know the working of the share is not supposed to know the working of the share
broker in the stock exchange. broker in the stock exchange. broker in the stock exchange. broker in the stock exchange. Lalit Lalit Lalit Lalit JagmohanJagmohanJagmohanJagmohan JalanJalanJalanJalan (HUF ) vs. ACIT, ITA No. 693/(HUF ) vs. ACIT, ITA No. 693/(HUF ) vs. ACIT, ITA No. 693/(HUF ) vs. ACIT, ITA No. 693/KolKolKolKol/2009; /2009; /2009; /2009; dt.dt.dt.dt. 10.02.201610.02.201610.02.201610.02.2016
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DECISIONDECISIONDECISIONDECISION
�AssesseeAssesseeAssesseeAssessee purchased shares of Globe Commercial purchased shares of Globe Commercial purchased shares of Globe Commercial purchased shares of Globe Commercial
Limited through ‘M’ Limited through ‘M’ Limited through ‘M’ Limited through ‘M’ –––– share broker.share broker.share broker.share broker.
�SSSShareshareshareshares werewerewerewere soldsoldsoldsold throughthroughthroughthrough anotheranotheranotheranother brokerbrokerbrokerbroker ‘S’‘S’‘S’‘S’....
�AssesseeAssesseeAssesseeAssessee bookedbookedbookedbooked LongLongLongLong TermTermTermTerm CapitalCapitalCapitalCapital GainsGainsGainsGains....
� InformationInformationInformationInformation receivedreceivedreceivedreceived bybybyby AAAA....OOOO.... fromfromfromfrom DDITDDITDDITDDIT (Inv(Inv(Inv(Inv....)))) ---- AssesseeAssesseeAssesseeAssessee
hadhadhadhad takentakentakentaken aaaa bogusbogusbogusbogus entryentryentryentry ofofofof LTCGsLTCGsLTCGsLTCGs bybybyby payingpayingpayingpaying cashcashcashcash ++++
premiumpremiumpremiumpremium....
�Held:Held:Held:Held:
�Reasons recorded were vague and not proper.Reasons recorded were vague and not proper.Reasons recorded were vague and not proper.Reasons recorded were vague and not proper.
�A.O. has to record his satisfaction about the A.O. has to record his satisfaction about the A.O. has to record his satisfaction about the A.O. has to record his satisfaction about the
correctness or otherwise of the information.correctness or otherwise of the information.correctness or otherwise of the information.correctness or otherwise of the information.
�TTTThe A.O. cannot accept the truth of the vague he A.O. cannot accept the truth of the vague he A.O. cannot accept the truth of the vague he A.O. cannot accept the truth of the vague
information in a mechanical manner. information in a mechanical manner. information in a mechanical manner. information in a mechanical manner. CIT vs. Shri Atul Jain (2008) 299 ITR 383 (Del)CIT vs. Shri Atul Jain (2008) 299 ITR 383 (Del)CIT vs. Shri Atul Jain (2008) 299 ITR 383 (Del)CIT vs. Shri Atul Jain (2008) 299 ITR 383 (Del)
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DECISIONDECISIONDECISIONDECISION
� CIT vs SFIL Stock Broking Ltd CIT vs SFIL Stock Broking Ltd CIT vs SFIL Stock Broking Ltd CIT vs SFIL Stock Broking Ltd ----(2010) 325 ITR 285 (Del)(2010) 325 ITR 285 (Del)(2010) 325 ITR 285 (Del)(2010) 325 ITR 285 (Del)� Reasons recordedReasons recordedReasons recordedReasons recorded
� “Information received from Dy. Director of IT (Inv.), ….that one of my “Information received from Dy. Director of IT (Inv.), ….that one of my “Information received from Dy. Director of IT (Inv.), ….that one of my “Information received from Dy. Director of IT (Inv.), ….that one of my
assesseesassesseesassesseesassessees M/s SFIL Stock Broking Ltd., has made bogus claim of longM/s SFIL Stock Broking Ltd., has made bogus claim of longM/s SFIL Stock Broking Ltd., has made bogus claim of longM/s SFIL Stock Broking Ltd., has made bogus claim of long----
term capital gains shown as earned on account of sale/purchase of shares term capital gains shown as earned on account of sale/purchase of shares term capital gains shown as earned on account of sale/purchase of shares term capital gains shown as earned on account of sale/purchase of shares
…He has directed the A.O. to get notices u/s 148. Subsequently, I have …He has directed the A.O. to get notices u/s 148. Subsequently, I have …He has directed the A.O. to get notices u/s 148. Subsequently, I have …He has directed the A.O. to get notices u/s 148. Subsequently, I have
been directed by the Addl. CIT R8/2002been directed by the Addl. CIT R8/2002been directed by the Addl. CIT R8/2002been directed by the Addl. CIT R8/2002----03/572, 03/572, 03/572, 03/572, dt.dt.dt.dt. 26th Aug., 2003 to 26th Aug., 2003 to 26th Aug., 2003 to 26th Aug., 2003 to
initiate proceedings under S. 148 in respect of cases pertaining to this initiate proceedings under S. 148 in respect of cases pertaining to this initiate proceedings under S. 148 in respect of cases pertaining to this initiate proceedings under S. 148 in respect of cases pertaining to this
ward. Thus, I have sufficient information in my possession to issue notice ward. Thus, I have sufficient information in my possession to issue notice ward. Thus, I have sufficient information in my possession to issue notice ward. Thus, I have sufficient information in my possession to issue notice
under S. 148 in the case of M/s SFIL Stock Broking Ltd. on the basis of under S. 148 in the case of M/s SFIL Stock Broking Ltd. on the basis of under S. 148 in the case of M/s SFIL Stock Broking Ltd. on the basis of under S. 148 in the case of M/s SFIL Stock Broking Ltd. on the basis of
the reasons recorded as above.”the reasons recorded as above.”the reasons recorded as above.”the reasons recorded as above.”
� Findings of the HC:Findings of the HC:Findings of the HC:Findings of the HC:� A.O. has merely referred to the information and two directions as “reason A.O. has merely referred to the information and two directions as “reason A.O. has merely referred to the information and two directions as “reason A.O. has merely referred to the information and two directions as “reason
to belief”to belief”to belief”to belief”
� These cannot be the reason for proceeding u/s 147.These cannot be the reason for proceeding u/s 147.These cannot be the reason for proceeding u/s 147.These cannot be the reason for proceeding u/s 147.
� From the “reasons” it is not discernible that the A.O. had applied his mind From the “reasons” it is not discernible that the A.O. had applied his mind From the “reasons” it is not discernible that the A.O. had applied his mind From the “reasons” it is not discernible that the A.O. had applied his mind
to the information and independently arrived at a belief.to the information and independently arrived at a belief.to the information and independently arrived at a belief.to the information and independently arrived at a belief.
� Tribunal has arrived at the correct conclusion of facts.Tribunal has arrived at the correct conclusion of facts.Tribunal has arrived at the correct conclusion of facts.Tribunal has arrived at the correct conclusion of facts.
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DECISIONDECISIONDECISIONDECISION
�CIT vs. Mukesh CIT vs. Mukesh CIT vs. Mukesh CIT vs. Mukesh RatilalRatilalRatilalRatilal MaroliaMaroliaMaroliaMarolia (Bombay HC) (Bombay HC) (Bombay HC) (Bombay HC) ---- Dt. Dt. Dt. Dt. –––– 7/9/2011 7/9/2011 7/9/2011 7/9/2011
(2012) 80 CCH 0407 MumHC(2012) 80 CCH 0407 MumHC(2012) 80 CCH 0407 MumHC(2012) 80 CCH 0407 MumHC� FactFactFactFact thatthatthatthat aaaa smallsmallsmallsmall amountamountamountamount investedinvestedinvestedinvested inininin "penny""penny""penny""penny" stocksstocksstocksstocks gavegavegavegave riseriseriserise totototo hugehugehugehuge
capitalcapitalcapitalcapital gainsgainsgainsgains inininin aaaa shortshortshortshort periodperiodperiodperiod doesdoesdoesdoes notnotnotnot meanmeanmeanmean thatthatthatthat thethethethe transactiontransactiontransactiontransaction isisisis
"bogus""bogus""bogus""bogus" ifififif thethethethe documentationdocumentationdocumentationdocumentation andandandand evidencesevidencesevidencesevidences cannotcannotcannotcannot bebebebe faultedfaultedfaultedfaulted....
�DCIT vs. Sunita Khemka (ITAT DCIT vs. Sunita Khemka (ITAT DCIT vs. Sunita Khemka (ITAT DCIT vs. Sunita Khemka (ITAT KolKolKolKol) ) ) ) ---- [2016[2016[2016[2016----ITRVITRVITRVITRV----ITATITATITATITAT----KOLKOLKOLKOL----057]057]057]057]� AO AO AO AO cannot treat a transaction as bogus only on the basis of suspicion or cannot treat a transaction as bogus only on the basis of suspicion or cannot treat a transaction as bogus only on the basis of suspicion or cannot treat a transaction as bogus only on the basis of suspicion or
surmise. He has to bring material on record to support his finding that surmise. He has to bring material on record to support his finding that surmise. He has to bring material on record to support his finding that surmise. He has to bring material on record to support his finding that
there has been collusion/connivance between the broker and the there has been collusion/connivance between the broker and the there has been collusion/connivance between the broker and the there has been collusion/connivance between the broker and the assesseeassesseeassesseeassessee
for the introduction of its unaccounted money. A transaction of purchase for the introduction of its unaccounted money. A transaction of purchase for the introduction of its unaccounted money. A transaction of purchase for the introduction of its unaccounted money. A transaction of purchase
and sale of shares, supported by Contract Notes and and sale of shares, supported by Contract Notes and and sale of shares, supported by Contract Notes and and sale of shares, supported by Contract Notes and dematdematdematdemat statements statements statements statements
and Account Payee and Account Payee and Account Payee and Account Payee ChequesChequesChequesCheques cannot be treated as bogus.cannot be treated as bogus.cannot be treated as bogus.cannot be treated as bogus.
�ITO vs. ITO vs. ITO vs. ITO vs. IndravadanIndravadanIndravadanIndravadan Jain (HUF) Jain (HUF) Jain (HUF) Jain (HUF) ----Dt. 27/5/2016 Dt. 27/5/2016 Dt. 27/5/2016 Dt. 27/5/2016 (2016) 47 CCH (2016) 47 CCH (2016) 47 CCH (2016) 47 CCH
0303 MumTrib0303 MumTrib0303 MumTrib0303 MumTrib� LongLongLongLong----termtermtermterm capitalcapitalcapitalcapital gainsgainsgainsgains arisingarisingarisingarising fromfromfromfrom transfertransfertransfertransfer ofofofof pennypennypennypenny stocksstocksstocksstocks cannotcannotcannotcannot bebebebe
treatedtreatedtreatedtreated asasasas bogusbogusbogusbogus merelymerelymerelymerely becausebecausebecausebecause SEBISEBISEBISEBI hashashashas initiatinginitiatinginitiatinginitiating anananan inquiryinquiryinquiryinquiry withwithwithwith regardregardregardregard
totototo thethethethe CompanyCompanyCompanyCompany &&&& thethethethe brokerbrokerbrokerbroker ifififif thethethethe sharessharessharesshares areareareare purchasedpurchasedpurchasedpurchased fromfromfromfrom thethethethe
exchange,exchange,exchange,exchange, paymentpaymentpaymentpayment isisisis bybybyby chequechequechequecheque andandandand deliverydeliverydeliverydelivery ofofofof sharessharessharesshares isisisis takentakentakentaken &&&& givengivengivengiven....
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RECENT DECISIONSRECENT DECISIONSRECENT DECISIONSRECENT DECISIONS
�Farrah Marker vs. ITO Farrah Marker vs. ITO Farrah Marker vs. ITO Farrah Marker vs. ITO –––– Dt. 27/04/16 Dt. 27/04/16 Dt. 27/04/16 Dt. 27/04/16 (2016) 46 CCH (2016) 46 CCH (2016) 46 CCH (2016) 46 CCH
0535 MumTrib0535 MumTrib0535 MumTrib0535 MumTrib� When the addition under section 68 of the Act is made When the addition under section 68 of the Act is made When the addition under section 68 of the Act is made When the addition under section 68 of the Act is made
merely on presumptions, suspicions and surmises in merely on presumptions, suspicions and surmises in merely on presumptions, suspicions and surmises in merely on presumptions, suspicions and surmises in
respect of penny stocks; disregarding the direct evidences respect of penny stocks; disregarding the direct evidences respect of penny stocks; disregarding the direct evidences respect of penny stocks; disregarding the direct evidences
placed on record furnished by the placed on record furnished by the placed on record furnished by the placed on record furnished by the assesseeassesseeassesseeassessee than the than the than the than the
addition made is liable to be deleted. addition made is liable to be deleted. addition made is liable to be deleted. addition made is liable to be deleted.
� LongLongLongLong----term capital gains on sale of "penny" stocks cannot be term capital gains on sale of "penny" stocks cannot be term capital gains on sale of "penny" stocks cannot be term capital gains on sale of "penny" stocks cannot be
treated as bogus & unexplained cash credit if treated as bogus & unexplained cash credit if treated as bogus & unexplained cash credit if treated as bogus & unexplained cash credit if
documentation is in order & there is no allegation of documentation is in order & there is no allegation of documentation is in order & there is no allegation of documentation is in order & there is no allegation of
manipulation by SEBI or BSE. Denial of right of crossmanipulation by SEBI or BSE. Denial of right of crossmanipulation by SEBI or BSE. Denial of right of crossmanipulation by SEBI or BSE. Denial of right of cross----
examination is a fatal flaw which renders the assessment examination is a fatal flaw which renders the assessment examination is a fatal flaw which renders the assessment examination is a fatal flaw which renders the assessment
order a nullity. order a nullity. order a nullity. order a nullity.
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Assessment
Assessment
Assessment
Assessment Regular [143(3)]Regular [143(3)]Regular [143(3)]Regular [143(3)]
Best Judgment Best Judgment Best Judgment Best Judgment [144][144][144][144]
Reassessment Reassessment Reassessment Reassessment [147][147][147][147]
Block [158BC]Block [158BC]Block [158BC]Block [158BC]
Handling Handling Handling Handling AssessmentAssessmentAssessmentAssessment
ArtArtArtArt
Ability or SkillAbility or SkillAbility or SkillAbility or Skill
ScienceScienceScienceScience
Knowledge about Knowledge about Knowledge about Knowledge about SubjectSubjectSubjectSubject
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ARTARTARTART�EntranceEntranceEntranceEntrance
�AppearanceAppearanceAppearanceAppearance
�Mobile Mobile Mobile Mobile
MannersMannersMannersManners
�Be a good Be a good Be a good Be a good
ListenerListenerListenerListener
�Be Effective Be Effective Be Effective Be Effective
SpeakerSpeakerSpeakerSpeaker
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�Use of Use of Use of Use of
LanguageLanguageLanguageLanguage
�Keeping of FilesKeeping of FilesKeeping of FilesKeeping of Files
�Taking Along Taking Along Taking Along Taking Along
SomeoneSomeoneSomeoneSomeone
�PolitenessPolitenessPolitenessPoliteness
�CONFIDENCECONFIDENCECONFIDENCECONFIDENCE
SCIENCESCIENCESCIENCESCIENCE�Master of SubjectMaster of SubjectMaster of SubjectMaster of Subject
�Knowledge of ProcedureKnowledge of ProcedureKnowledge of ProcedureKnowledge of Procedure
�Knowledge of TerminologiesKnowledge of TerminologiesKnowledge of TerminologiesKnowledge of Terminologies
�Teaching the Authority Teaching the Authority Teaching the Authority Teaching the Authority
�Telling Mistake of Other Telling Mistake of Other Telling Mistake of Other Telling Mistake of Other AssesseesAssesseesAssesseesAssessees
�Don’t miss the datesDon’t miss the datesDon’t miss the datesDon’t miss the dates
�Master of FactsMaster of FactsMaster of FactsMaster of Facts
�Say what you have written and write what Say what you have written and write what Say what you have written and write what Say what you have written and write what
you sayyou sayyou sayyou say
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WRITTEN REPRESENTATIONSWRITTEN REPRESENTATIONSWRITTEN REPRESENTATIONSWRITTEN REPRESENTATIONS
�Use PAN, subject, year..Use PAN, subject, year..Use PAN, subject, year..Use PAN, subject, year..
�Positive approach Positive approach Positive approach Positive approach
�Negate Specific question Negate Specific question Negate Specific question Negate Specific question
�To address To address To address To address
�Factual position Factual position Factual position Factual position
�Legal position Legal position Legal position Legal position
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DON’TSDON’TSDON’TSDON’TS
�Forget POAForget POAForget POAForget POA
�Misstate the factMisstate the factMisstate the factMisstate the fact
�Cite wrong or overruled Cite wrong or overruled Cite wrong or overruled Cite wrong or overruled
casescasescasescases
�Be Eager to get the case Be Eager to get the case Be Eager to get the case Be Eager to get the case
donedonedonedone
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IT’S A MIND GAMEIT’S A MIND GAMEIT’S A MIND GAMEIT’S A MIND GAME
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CA. Pramod JainCA. Pramod JainCA. Pramod JainCA. Pramod [email protected]@[email protected]@lunawat.com
+91 9811073867+91 9811073867+91 9811073867+91 9811073867
© 2016 CA. Pramod Jain, Lunawat & Co© 2016 CA. Pramod Jain, Lunawat & Co© 2016 CA. Pramod Jain, Lunawat & Co© 2016 CA. Pramod Jain, Lunawat & Co