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Income Tax - To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the concept of statement of financial transaction or reportable account (previously called as Annual Information Return (AIR)....
Read MoreIncome 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 […]...
Read MoreIncome Tax - Annual Information Return (AIR) of ‘high value financial transactions’ is required to be furnished under section 285BA of the Income-tax Act, 1961 by ‘specified persons’ in respect of ‘specified transactions’ registered or recorded by them during the financial year. The due date of filing of the return ...
Read MoreIncome Tax - Government has mandated reporting in statement of financial transaction commonly known as AIR Return of Cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregates to ̶ (i) twelve lakh fifty thousand rupees or more, in one or more current account of a person; or (ii) two lakh fifty thousand rupees or more, in on...
Read MoreIncome Tax - A provision of Section 285BA has been inserted by the Finance Act, 2003 w.e.f. 01.04.2004, which was later on substituted by the Finance (No.2) Act, 2004 w.e.f. 01.04.2005....
Read MoreIncome Tax - 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....
Read MoreIncome Tax - 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:...
Read MoreIncome Tax - 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....
Read MoreIncome Tax - Cash transactions did not require aggregation and the reporting requirement under SFT for this purpose is on receipt of cash payment exceeding Rupees two lakh for sale of goods or services per transaction....
Read MoreIncome Tax - This Guidance Note is for providing guidance to the Financial Institutions, Regulators and officers of the Income Tax Department for ensuring compliance with the reporting requirements provided in Rules 114F to 114H and Form 61B of the Income-tax Rules, 1962...
Read MoreNozaki Finance & Investment (P) Ltd. Vs DCIT (ITAT Mumbai) - Since AO had not carried out any exercise to rebut the contention of assessee that they have not received any sum higher than what has been reported in its books of account, therefore, no addition could be made based on the AIR and ledger of the payer...
Read MoreM/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 MoreSub 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...
Read MoreCIT Vs Shri S. Ganesh - It has categorically been explained by the assessee that it is not practically possible to give detailed party wise breakup of fees receipts since the assessee received his fees either directly from the clients or from the instructing advocates or CAs, if they have collected the amounts from the cli...
Read MoreSmt. Gurpreet Kaur Vs ITO (ITAT Amritsar) - ITAT Amritsar held that the scrutiny of cases selected on the basis of information received through Annual Information Return (AIR) would be limited only to the aspects of information received through AIR....
Read MoreNotification No. 02/2017-Income Tax [G.S.R. 14(E)] - (06/01/2017) - Cash deposits during the period 1st April, 2016 to 9th November, 2016 in respect of accounts that are reportable to be reported by Banks and Post Office....
Read MoreF.No. 225/193/2016/ITA.II - (25/07/2016) - The Income Tax Department has received information about large value transactions relating to you under the Annual Information Return (AIR) without a valid PAN. The list of such transactions is provided. You are requested to submit the on-line response as under:...
Read MoreNotification No. 48/2016-Income Tax - (20/06/2016) - Central Government with respect to registration of persons, due diligence and maintenance of information, and the Central Board of Direct Taxes for matters relating to statement of reportable accounts, hereby make the following rules further to amend the Income-tax Rules, 1962, namely:-...
Read MoreF.No. 504/632/12015-FT&TR-III(1) - (26/05/2016) - Financial institutions are in the process of carrying out the due diligence of financial accounts and obtaining self-certification from the account holders. Representatives of FIs have informed that there are large number of financial accounts and it is practically very difficult to physically obtai...
Read MoreNotification No 4/2016-Income Tax - (04/04/2016) - Submission of Form 61B: Every reporting financial institution is required to submit the Statement of Reportable Account in Form 61B or submit Nil statement. The prescribed schema for Form 61B and a utility to prepare XML file can be downloaded from thee-filing website home page under forms (other th...
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Nozaki Finance & Investment (P) Ltd. Vs DCIT (ITAT Mumbai) -
M/s Guntur District Co-operative Central Bank Ltd. Vs Director of Income Tax (ITAT Visakhapatnam) -
Sub Registrar Dhansura Vs Director of Income Tax (ITAT Ahmedabad) -
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