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Section 285BA- Requirements, Coverage and Procedure
To keep a watch on high-value transactions by taxpayers, the I-T department has developed a statement of financial transactions called Annual Information Return (AIR).
Statement of Financial transactions (SFT) should be filed by all reporting persons covered under Rule 114E of Income-tax Rules, 1962. Due date for filing the same in Form 61A is 31 May 2017.
Statement of financial transaction in respect of specified transactions registered or recorded in the Financial Year 2016-17 is to be filed on or before 31st May, 2017.
Please note that, facility of not to be treated as assessee in default due to failure to make TCS on furnishing of ROI, payment of due taxes etc. by the concerned buyer and furnishing of certificate in form 27BA by defaulter [as provided in proviso to s. 206C(6A)] is not available to persons referred to in section 206C(1D) as above!!
Section 285BA of the Income Tax requires specified reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in Form No. 61A.
Transaction Specific Guidelines for Preparation of Statement of Financial Transactions (SFT) Transaction specific guidelines for preparation of Statement of Financial Transactions (SFT) are given in following paragraphs. SFT- 001: Purchase of bank drafts or pay orders in cash Transaction Code SFT- 001 Transaction Description Purchase of bank drafts or pay orders or banker’s cheque in […]
Rule 114E o specifies that statement of financial transaction required to be furnished under section 285BA(1) of the Act shall be furnished in Form No. 61A.
As per Rule 114E of the Income Tax Rules 1962, for and from 2016-17, all companies have to be furnish SFT in respect of certain specified transactions as tabulated below:
Income-tax Rules amended to provide that bank shall obtain and link PAN or Form No. 60 (where PAN is not available) in all existing bank accounts (other than BSBDA) by 28.02.2017.
