‘Co-op societies were disallowed to accept cash during demonetisation’

Source: The Hitavada      Date: 03 Apr 2017 14:42:47

Business Bureau,

Nagpur Branch of WIRC of ICAI organised seminar on ‘Enquiry, Search & Survey-Post Demonetisation’ for its members. The keynote speaker for the seminar was CA Bhupendra Shah from Mumbai.

Speaking on the occasion, he said, “Demonetisation will evolve on three factors. That is transaction up to November 8, 2016, transaction between November 9, 2016 to December 31, 2016 and transaction after December 31, 2016.” He said that co-operative societies were not allowed to accept old notes after November 8, 2016 but only banks were allowed. “Still few societies have accepted which will create lot of problems not only for the societies but also for the agents and customers.”
He said that Government had amended section 115BBE of the Income Tax Act, 1961 retrospectively which will create lot many issues specially to those assesses who had been surveyed between April 1 to November 8. He also explained various case studies along with various judgements which would have an impact on the survey and searches being conducted post demonetisation.

The technical session was chaired by Past Chairman of the branch CA Rajesh Loya. He discussed various issues, raised due to demonetisation. “It is very important that clients should be informed about the importance and reason for these enquiries and the possible impact if not complied,” he noted.

CA Sandeep Jotwani, Chairman of Nagpur Branch of WIRC of ICAI said, the programme matched with the theme of current year at ICAI, Nagpur which is ‘Chale Ek Sath’. The number of enquiries, search and survey had increased considerably which needs to be handled tactfully for which such programmes would be beneficial to the members.

CA Umang Agrawal, Vice Chairman co-ordinated the proceedings while CA Suren Duragkar, Secretary proposed the vote of thanks. Prominently present were CA Kirit Kalyani, CA Saket Bagdia, CA Jiten Saglani, CA Julfesh Shah, CA Rajpal Sighai, CA Prakash Fulwani, CA Manjusha Gudhe, CA Sachin Mukewar, CA Naresh Jakhotia and others.