Chronicle Reporter, Bhopal, The Bhopal Branch of The Institute of chartered Accountants of India has organized a Seminar on Benami Law on 26/11/2018 at Hotel Nisarga. The Chief guest of the program is Shri Ajay Kumar Chouhan Principal Chief Commissioner of Income Tax MP & CG. CA Abhishek Gupta, Chairman of the Bhopal Branchhas inaugurated the program by enlighten the lamp. CA Abhishek Gupta has given the welcome address and explained about the needs of Scrutiny of Benami Transactionin current scenario. The programme was conducted by CA Anshul Agarwal, Secretary of, Bhopal branch.
In the program Chief Guest address the members about the role of Chartered Accountants in identifying the Benami Transaction. Technical Session was taken by Shri Prashant Mishra IRS Joint Commissioner of Benami Prohibition Unit.
The act defines a ‘benami’ transaction as any transaction in which property is transferred to one person for consideration paid by another person. Such transactions were a feature of the Indian economy, usually relating to the purchase of property (real estate), and were thought to contribute to the Indian black money problem. The act bans all benami transactions and gives the government the right to recover property held benami without paying any compensation.
He has focused the Amendment made in the Benami Transactions Act 1988 in the year 2016. That creates a question in the mind of Taxpayers that the transactions between 1988 and 2016 also covered under the New Benami Transactions Act 2016.
He clarifies on this query that the Transactions between 1988 and 2016 will fall into the Old Benami Transactions act 1988. All the Provisions, Penalty &Prohibition of All benami Transaction will enforce. He also explained in detailed about the definations about Benami Transactions.
He further express his views on if a company purchase a Property then Company would liable to pay 1 % tax on March. He explains the Benamani Transaction Act 1988. CA Mayank Agarwal, Vice Chairman of the branch along with the CICASA Chairman CA Anup Shrivastava, CA Navneet Garg Executive Committee member also participated in the program.About 100 Members has participated in the Seminar.