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...

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 […]...

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 […]...

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...

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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Non-Filing of AIR Due to Lack of Awareness is Reasonable Cause: Section 271FA penalty deleted

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....

Kerala High Court Upholds Penalty for Delayed Submission of AIR

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....

Imposition of penalty u/s 271FA prior to 01.04.2015 for non-furnishing of AIR by co-operative bank unsustainable

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....

ITAT upheld section 271FA penalty for non-filing of SFT

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....

No penalty for delay in filing STF Return due to late Receipt of Advisory Notice & SCN

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....

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Recent Posts in "Section 271FA"

Non-Filing of AIR Due to Lack of Awareness is Reasonable Cause: Section 271FA penalty deleted

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....

Kerala High Court Upholds Penalty for Delayed Submission of AIR

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....

Imposition of penalty u/s 271FA prior to 01.04.2015 for non-furnishing of AIR by co-operative bank unsustainable

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....

ITAT upheld section 271FA penalty for non-filing of SFT

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....

No penalty for delay in filing STF Return due to late Receipt of Advisory Notice & SCN

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....

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...

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 […]...

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 […]...

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...

Posted Under: Income Tax |

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...

Posted Under: Income Tax |

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