Income Tax - Article explains about Furnishing of Statement of Financial Transaction [Rule 114E], Non Furnishing/Defective Furnishing of SFT (Section 285BA) , Opportunity by Income Tax Authority to rectify defect, Notice in case of non-furnishing of SFT, Opportunity to rectify defect within 10 days, Penalty for failure to furnish statement of fina...
Income Tax - We all know that Annual Information Return (AIR) is considered as very crucial financial transaction. But many time people are unaware regarding this concept and hence they are unable to comply with the same. Hence today I am covering this topic to state that what is annual information return (AIR), what is the due date […]...
Income Tax - As we are coming towards end of the financial year i.e. March, 2020, various things are going on simultaneously such as last month for investment pertaining to FY 2019-20 for tax savings, various due dates, etc. Most importantly, everyone has to keep in mind that the last date for filing of belated return is coming […]...
Income Tax - The specified person is required to furnish the statement of financial transactions / reportable account, in respect of the specified transactions, in terms of provisions of section 285BA of the Income Tax Act. In case the person fails to furnish the same, the defaulter would be liable to pay the penalty under provisions of section [&hell...
Income Tax - ALL ABOUT STATEMENT OF FINANCIAL TRANSACTIONS- (SFT)- As per Section 285BA of Income Tax Act, a specified reporting persons has to file Statement of Financial transactions(SFT),in a form, which is specified under Rule-114E of Income Tax Rules. Here we should first understand that who are the specified reporting persons ? – Section 285BA...
Dr. Babasaheb Ambedkar Urban Cooperative Bank Ltd. Vs. DIT (Intelligence and Criminal Investigation) - Explore the case of Dr. Babasaheb Ambedkar Urban Cooperative Bank Ltd. vs. DIT where penalty under Section 271FA for non-filing of AIR was deleted due to reasonable cause....
Sub Registrar Vs Director of Income Tax (Kerala High Court) - The Kerala High Court rules in favor of Director of Income Tax in Sub Registrar vs Director of Income Tax, asserting that the bonafide impression of AIR submission by a predecessor isn't a "reasonable cause" for 526-day delay....
Suco Souharda Sahakari Bank Ltd Vs Joint Director of Income Tax (ITAT Bangalore) - ITAT Bangalore held that co-operative bank is liable to furnish AIR only after 01.04.2016 in view of amendment under Rule 114E of Income Tax Rules, 1962. Accordingly, imposition of penalty u/s 271FA prior to 01.04.2016 is unsustainable....
Bharuch Forex Pvt Ltd Vs ADIT (ITAT Surat) - A penalty of was levied under section 271FA of Income Tax Act, 1961. The assessee’s subsequent appeal, stating that SFT was filed when e-filing portal was available, lacked supporting evidence and hence did not hold in court....
Rewari Central Cooperative Bank Ltd. Vs Directorate of Income Tax (ITAT Delhi) - Assessee has not received advisory notice issued u/s 285 BA (5) and the show cause notice of penalty u/s 271FA due to change of mail id and further contended that, the delay in filing the return was not deliberate....
Dr. Babasaheb Ambedkar Urban Cooperative Bank Ltd. Vs. DIT (Intelligence and Criminal Investigation) -
Sub Registrar Vs Director of Income Tax (Kerala High Court) -
Suco Souharda Sahakari Bank Ltd Vs Joint Director of Income Tax (ITAT Bangalore) -
Bharuch Forex Pvt Ltd Vs ADIT (ITAT Surat) -
Rewari Central Cooperative Bank Ltd. Vs Directorate of Income Tax (ITAT Delhi) -