WHETHER NEFT OR RTGS EQUIVALENT TO CHEQUE OR DEMAND DRAFT AS PER SECTION 269SS/269T
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onlinetaxupdation
Aug 14, 2012, 7:25:35 AM8/14/12
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Dear Members,
In one of my case, AO has argued that Section 269SS or section 269T has not defined anywhere that NEFT or RTGS has the same equivalency as cheque or Demand Draft.
If you have any judgment or clarification or instruction on that, please provide me the same so that I can produce before him.
Roshan Agrawal
neha.r...@gmail.com
Aug 16, 2012, 2:07:00 AM8/16/12
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Rtgs or neft is done using cheque as an instrument. And even if it is done online, it is equivalent to online transfer of funds. The intention of the section is to transfer the funds keeping bank as a medium so that no manipulation can take place. When funds are being trf through rtgs or neft, bank acts as a medium.
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Date: Tue, 14 Aug 2012 16:55:35 +0530
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Subject: [CA RUNGTA P D] WHETHER NEFT OR RTGS EQUIVALENT TO CHEQUE OR DEMAND
DRAFT AS PER SECTION 269SS/269T
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chittaranjan panda
Aug 16, 2012, 2:32:47 AM8/16/12
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Dear All,
Transfer of funds through RTGS or NEFT is equivalent to cheque. To substantiate it you can take print out of e-cheque from the account of the transferer. When a proposal is made to transfer funds through RTGS/NEFT, an electronic cheque is prepared by the maker of the net banking account holder. Thereafter, it checked by one checker and lastly it is authorized by the authorizer. In physical form there is no such provision of maker, checker and authroizer.Even if the cheque is made by a single person there is enough electronic materials which can be printed out to explain to AO.
As an audit trial or physical form of cheque, it is better to take print out
of the e-cheque for evidence. This print out will sufice the requirements of AO.
CA.Chittaranjan Panda
From: "neha.r...@gmail.com" <neha.r...@gmail.com>
To: foru...@googlegroups.com
Sent: Thursday, August 16, 2012 11:37 AM
Subject: Re: [CA RUNGTA P D] WHETHER NEFT OR RTGS EQUIVALENT TO CHEQUE OR DEMAND DRAFT AS PER SECTION 269SS/269T
lalit kumar agarwal
Aug 19, 2012, 12:12:52 PM8/19/12
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Rule 6DD read with sec. 40A(3) has been amended to include RTGS and NEFT for being equivalent to crossed cheque or demand draft.
the same should apply mutatis mustandis to provisions of sec. 269SS and sec. 269T, which is pari materia with sec. 40A(3) - AO may be made aware of this.
Lalit Kumar Agrawalla,FCA
Mobile: 9332014316
On Sun, 19 Aug 2012 12:34:41 +0530 wrote
>
Dear All,
Transfer of funds through RTGS or NEFT is equivalent to cheque. To substantiate it you can take print out of e-cheque from the account of the transferer. When a proposal is made to transfer funds through RTGS/NEFT, an electronic cheque is prepared by the maker of the net banking account holder. Thereafter, it checked by one checker and lastly it is authorized by the authorizer. In physical form there is no such provision of maker, checker and authroizer.Even if the cheque is made by a single person there is enough electronic materials which can be printed out to explain to AO.
As an audit trial or physical form of cheque, it is better to take print out
of the e-cheque for evidence. This print out will sufice the requirements of AO.
CA.Chittaranjan Panda
From: "neha.r...@gmail.com"
Sender: foru...@googlegroups.com
Date: Tue, 14 Aug 2012 16:55:35 +0530To: ReplyTo: foru...@googlegroups.com
Subject: [CA RUNGTA P D] WHETHER NEFT OR RTGS EQUIVALENT TO CHEQUE OR DEMAND
DRAFT AS PER SECTION 269SS/269T
Dear Members,
In one of my case, AO has argued that Section 269SS or
section 269T has not defined anywhere that NEFT or RTGS has the same equivalency
as cheque or Demand Draft.
If you have any judgment or clarification or instruction on
that, please provide me the same so that I can produce before him.
Roshan Agrawal
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the same should apply mutatis mustandis to provisions of sec. 269SS and sec. 269T, which is pari materia with sec. 40A(3) - AO may be made aware of this.
Lalit Kumar Agrawalla,FCA
Mobile: 9332014316
On Sun, 19 Aug 2012 12:34:41 +0530 wrote
>
Dear All,
Transfer of funds through RTGS or NEFT is equivalent to cheque. To substantiate it you can take print out of e-cheque from the account of the transferer. When a proposal is made to transfer funds through RTGS/NEFT, an electronic cheque is prepared by the maker of the net banking account holder. Thereafter, it checked by one checker and lastly it is authorized by the authorizer. In physical form there is no such provision of maker, checker and authroizer.Even if the cheque is made by a single person there is enough electronic materials which can be printed out to explain to AO.
As an audit trial or physical form of cheque, it is better to take print out
of the e-cheque for evidence. This print out will sufice the requirements of AO.
CA.Chittaranjan Panda
To: foru...@googlegroups.com
Sent: Thursday, August 16, 2012 11:37 AM
Subject: Re: [CA RUNGTA P D] WHETHER NEFT OR RTGS EQUIVALENT TO CHEQUE OR DEMAND DRAFT AS PER SECTION 269SS/269T
Rtgs or neft is done using cheque as an instrument. And even if it is done online, it is equivalent to online transfer of funds. The intention of the section is to transfer the funds keeping bank as a medium so that no manipulation can take place. When funds are being trf through rtgs or neft, bank acts as a medium. Sent from BlackBerry® on AirtelFrom: "onlinetaxupdation" Sent: Thursday, August 16, 2012 11:37 AM
Subject: Re: [CA RUNGTA P D] WHETHER NEFT OR RTGS EQUIVALENT TO CHEQUE OR DEMAND DRAFT AS PER SECTION 269SS/269T
Sender: foru...@googlegroups.com
Date: Tue, 14 Aug 2012 16:55:35 +0530To: ReplyTo: foru...@googlegroups.com
Subject: [CA RUNGTA P D] WHETHER NEFT OR RTGS EQUIVALENT TO CHEQUE OR DEMAND
DRAFT AS PER SECTION 269SS/269T
Dear Members,
In one of my case, AO has argued that Section 269SS or
section 269T has not defined anywhere that NEFT or RTGS has the same equivalency
as cheque or Demand Draft.
If you have any judgment or clarification or instruction on
that, please provide me the same so that I can produce before him.
Roshan Agrawal
--
forum4ca is a Google Group of eServe online for the benefit of CA and other professionals. It is especially meant for written discussion & circulate information within group members. The mail may contain such research/advice/opinion/information/fact provided by any member and are subject to the accuracy and of the description of facts.The forum4ca, do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant facts. Further this Group’s Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Group.
To join and/or to post to this group send email: foru...@googlegroups.com
To unsubscribe from this group, send email to:forum4ca+u...@googlegroups.com
For more options, visit this group at:http://groups.google.co.in/group/forum4ca or www.eserveonline.net
--
forum4ca is a Google Group of eServe online for the benefit of CA and other professionals. It is especially meant for written discussion & circulate information within group members. The mail may contain such research/advice/opinion/information/fact provided by any member and are subject to the accuracy and of the description of facts.The forum4ca, do not claim that contains in mail/information obtained after reading as a complete and accurate disclosure of relevant facts. Further this Group’s Owner/Moderator/Member are not liable for any damages or costs suffered due to action/transaction based on information on this Group.
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61271 DEVENDRA SARAF
Aug 19, 2012, 1:50:05 PM8/19/12
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AO should go by the spirit of the provision. The intention is to eliminate bogus transaction which can easily be done by showing cash paymnet. RTGS/NEFT is even more authentic than cheque / DD. AO can verify the bank a/c.
Regards,
Devendra Saraf
Adarsh Mundhra
Aug 20, 2012, 3:36:55 AM8/20/12
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Dear All,
a.) Please see the site http://www.rbi.org.in/scripts/FAQView.aspx?Id=73 and also I have put the attachment in pdf version.
b.) Payment and Settlment System Act of 2007 was enacted way after introduction of 269SS or 269T . ( thus possible 269SS or 269T were not updated. The intent u/s 269SS or 269T was to eliminate cash credits or cash payments >Rs. 20000/- , but at that time RTGS / NEFT or PSS Act was not enabled / enacted ).
c.) If you see the PDF file Q:7 gives the answer to your query that these Payment Instruction for NEFT / RTGS are equivalent to Instrument.
d.) Q:9 answers that in view of the
modern economics , the electronic mode of transfer of money , debit or credit cards need to be regulated under RBI mechanism and kind of substitutes the paper method of transferring money ( i.e. Cheques and DDs )
e.) Q:24 says that dishonour of such instructions of NEFT / RTGS is equivalent to dishonouring cheques thus eventually , there is no difference between Cheque and NEFT /RTGS / Electronic Fund Transfer.
e.) Q:24 says that dishonour of such instructions of NEFT / RTGS is equivalent to dishonouring cheques thus eventually , there is no difference between Cheque and NEFT /RTGS / Electronic Fund Transfer.
Trust this may be helpful.
-Adarsh Mundhra
From: 61271 DEVENDRA SARAF <saraf.d...@icai.org>
To: foru...@googlegroups.com
Sent: Sunday, August 19, 2012 11:20 PM
Subject: Re: [CA RUNGTA P D] WHETHER NEFT OR RTGS EQUIVALENT TO CHEQUE OR DEMAND DRAFT AS PER SECTION 269SS/269T
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