Of late, UPI ( Unified Payment
Interface ) is talk of the town
It is high time , we also start talking about UTI ( Unified Transaction Interface )
Without naming it as such , Income Tax Department has
already started compiling and analyzing , high value sales / purchase
transactions , to figure out instances of suspected tax evasions
IT recently sent out notices ( Emails ? ) to some 7 lakh parties involved in 14 lakh high value non-PAN transactions, asking them to furnish their
PAN details
Under several laws / rules / regulations , IT requires
various agencies / entities / individuals , to furnish a lot of information whenever money
changes hands
Following are a few examples :
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Who must report ? : Banks / NBFC / Post offices
What ?
: Time Deposits ( if totaling Rs 10 L or more in
a year )
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Who must report ? : Companies / Mutual Funds
What
? :
Purchase of shares / Mutual Fund units (if Rs 10 L or more in a year )
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Who must report ? : Professionals / Businessmen
What
? : Cash receipts exceeding Rs 2 L from any
person for sale of
goods / services
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Who must report ? : Jewellers
What
? : TCS ( Tax collected at Source ) for sale of
bullion exceeding Rs 2 L or
jewellery
exceeding Rs 5 L in cash
-------------------------------------------------------------------------------------------------------
Who must report ? : Any Seller
What
? : Sale of any other Goods / Service exceeding Rs
2 L
-------------------------------------------------------------------------------------------------------
Who must report ? :
Property Buyers
What ? : TDS ( Tax deducted at Source ) for purchase
of property with a value
exceeding Rs 50 L ( to be
reported before paying the seller )
------------------------------------------------------------------------------------------------------
Who must report ? : Person making any payment
What ? :
Lottery / Game winning prizes exceeding Rs 10,000
( to be
reported before paying the winner )
----------------------------------------------------------------------------------------------------
Who must report ? : Buyer
What
? : Quote PAN while buying / paying / depositing ,
* Property exceeding Rs 10 L
* One time payment at hotels / restaurants,
exceeding Rs 25,000
* Depositing cash exceeding Rs 50,000 in a day
with a bank
* Purchase of Foreign Currency exceeding Rs
50,000
-------------------------------------------------------------------------------------------------------
Who must report ? : Seller
What
? : Verify PAN and furnish a statement to IT
department on
transactions
beyond a
certain threshold
-------------------------------------------------------------------------------------------------------
Who must report ? : Banks / Mutual Funds / Companies / Registrars
What
? : Annual Information Report ( AIR ) on high
value
transactions
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{ Source : Maulik Madhu /
Business Line / 05 Dec / Government on Data Trail }
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Considering the effort involved in compiling /
collating and analyzing such a massive data , coming in continuously from lakhs
of sources , it was natural for the IT department to make use of computer based
BIG DATA
analytics , to narrow down those suspicious cases
In our goal to make India , a LESS CASH economy , UPI / AEPS
( Aadhar Enabled Payment System ) , was an important FIRST step
But UPI / AEPS , just does NOT
cover those sale / purchase transactions which take place using Credit / Debit
cards and private brand Mobile Wallets !
To ensure that these transactions too get into the
database of the Income Tax department , I suggest following :
STEP # 2
All other PRIVATE
brand Mobile Wallets ( Paytm / MobiQuick / ItzCash / FreeCharge etc ), must be integrated with UPI, so that the sale /
purchase TRANSACTION
DATA generated through use of such private mobile wallets too gets
integrated into the COMMON database of the Income
Tax department
STEP # 3
All Card-Swipe / PoS machines must be UPI / AEPS compliant, so that all
sale / purchase TRANSACTION DATA generated through use of all CREDIT / DEBIT
cards, too gets integrated into that COMMON database of IT
STEP # 4
All sale / purchase transactions by all other
Electronic Fund Transfer Network ( EFTN ), too must be also transmitted /
deposited , into this COMMON DATABASE of
TRANSACTIONS
IN NUT-SHELL :
All
sale / purchase transactions of any kind ( goods or services ) , MUST all get
into a COMMON / CENTRAL database , through introduction of a UTI ( Unified
Transaction Interface )
UPI + UTI = " Less Cash " + " Less
Evasion " + " Less Black
"
I request Shri Arun Jaitley-ji to consider my
suggestion
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08 Dec 2016
www.hemenparekh.in / blogs
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