Section 271FA

Statement of Financial Transaction (Due date 30th June, 2020)

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...

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Penalty u/s. 271FA for non-filing of Annual Information Return (AIR)

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 […]...

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Time for Filing Belated Income Tax Return

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 […]...

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Section 271FA Penalty for failure in furnishing statement of financial transactions or reportable account

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...

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Whether to File Statement of Financial Statements (SFT) before 31/05/2019

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...

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Section 271FA penalty not leviable in absence of reportable transaction

M/s Guntur District Co-operative Central Bank Ltd. Vs Director of Income Tax (ITAT Visakhapatnam) - Penalty under 271FA was unjustified as there was no requirement to file the AIR in absence of reportable transaction during the financial year and also, department did not make out a case that the assessee had the recorded re portable transactions in the relevant financial year....

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No Penalty for Delay in filing AIR due to reasonable cause

Sub Registrar Dhansura Vs Director of Income Tax (ITAT Ahmedabad) - Sub Registrar Dhansura Vs DIT (ITAT Ahmedabad) Appellant is a Govt. servant and ld. AR stated that they have assigned job to submit AIR to some outsources agency and sometime staff of the outsources agency become careless. In these case, appellant is a newly incumbent with the office and was not awa...

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Order of DIT cannot be challenged before Commissioner (Appeals)

Raibareilly District Co-operative Bank Ltd. Vs DCIT (ITAT Lucknow) - In the instant case, undeniably the order under section 271FA was passed by the Director of Income-tax who is equivalent in rank with the Commissioner (Appeals). Therefore, the order of the Director of Income-tax cannot be challenged or assailed by filing an appeal before an Officer,i.e., the Commis...

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Recent Posts in "Section 271FA"

Statement of Financial Transaction (Due date 30th June, 2020)

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...

Read More
Posted Under: Income Tax |

Penalty u/s. 271FA for non-filing of Annual Information Return (AIR)

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 […]...

Read More
Posted Under: Income Tax |

Time for Filing Belated Income Tax Return

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 […]...

Read More
Posted Under: Income Tax | ,

Section 271FA Penalty for failure in furnishing statement of financial transactions or reportable account

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...

Read More
Posted Under: Income Tax |

Section 271FA penalty not leviable in absence of reportable transaction

M/s Guntur District Co-operative Central Bank Ltd. Vs Director of Income Tax (ITAT Visakhapatnam)

Penalty under 271FA was unjustified as there was no requirement to file the AIR in absence of reportable transaction during the financial year and also, department did not make out a case that the assessee had the recorded re portable transactions in the relevant financial year....

Read More

Whether to File Statement of Financial Statements (SFT) before 31/05/2019

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...

Read More
Posted Under: Income Tax |

No Penalty for Delay in filing AIR due to reasonable cause

Sub Registrar Dhansura Vs Director of Income Tax (ITAT Ahmedabad)

Sub Registrar Dhansura Vs DIT (ITAT Ahmedabad) Appellant is a Govt. servant and ld. AR stated that they have assigned job to submit AIR to some outsources agency and sometime staff of the outsources agency become careless. In these case, appellant is a newly incumbent with the office and was not aware of the income […]...

Read More

Order of DIT cannot be challenged before Commissioner (Appeals)

Raibareilly District Co-operative Bank Ltd. Vs DCIT (ITAT Lucknow)

In the instant case, undeniably the order under section 271FA was passed by the Director of Income-tax who is equivalent in rank with the Commissioner (Appeals). Therefore, the order of the Director of Income-tax cannot be challenged or assailed by filing an appeal before an Officer,i.e., the Commissioner (Appeals), who is equivalent in r...

Read More

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