As per section 285BA of Income Tax Act, all persons entering into specified financial transactions have to report to Income Tax Dept before due dates. Non reporting attracts both penalty and imprisonment. This act is applicable to Builders, jewellary trade, banking, automobile and to all those engage in financial transactions including societies engaged in financial transaction.
It order to create awareness of these provisions, an outreach program has been organised by Director of Income Tax (I&C I) and confederation of all India traders on Wednesday 29th may at 6pm in meeting hall of CAIT 5th Floor, Sadoday, 77 central avenue, Dharodkar chowk. Senior Officials from Income tax department, Sandeep Bandhu Director of Income Tax (I & I C), D B Gohil and other officials will be present. The program will be conducted by CA Nikhilesh Thakker.
National President of CAIT B C Bhartia, Chairman Gopal Agarwal, Vice Chairman Ramkisan Gupta, President Kishore Dharashivkar and others have appealed to all to come on time and take advantage of program, informs Secretary General Farooque Akbani.