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Income Tax - Annual Information Return (AIR) – meaning, provisions, Applicability & FAQs 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’ registere...
Read MoreIncome Tax - Income Tax Department nowadays selects almost all cases for scrutiny assessment under section 143(2) of Income Tax Act 1961 based upon AIR(Annual Information Return) transactions or through CASS. It is sometimes seen that when a case is selected for scrutiny assessment on the basis of AIR transactions, assessing officer also sometime tend...
Read MoreIncome Tax - Downloading the utility 1. Go to e-filing portal at https:iincometaxindiaefiling.gov.in/ 2. Click on the Forms (other than ITR) tab under the Downloads 3. Click on the Download link against Form 61A to download the Utility. It allows the user to save the file in the location selected by the user....
Read MoreIncome Tax - Legal Framework- Section 285BA- Obligation to furnish Statement of Financial Transactions (SFT). Rule 114E - Furnishing of Statement of Financial Transactions in Form 61A. Form 61A - Format and Instructions...
Read MoreIncome Tax - The first step in preparation of Statement of Financial Transactions (SFT) is to identify transactions/persons/accounts which are reportable under Rule 1 14E. In the second step, the reporting person/entity is required to submit details of transactions/persons/accounts which are determined as reportable....
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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