AIR

Don’t Believe These Tax Accounting Myths

Income Tax - There is a lot of false information out there about what you can and can't do on your annual taxes. Here are some of the biggest myths that plague the system and what the truth behind them actually is: ...

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Is AIR based Notice u/s 147 void ?

Income 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....

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AIR (Annual Information Report) and Scrutiny Assessment u/s 143(3)

Income Tax - n the era of technology and data analytics, Income Tax Department too empowered itself with one of the most enabling report which allowed itself to peep itself into the assessee’s deeper secrets by laying down the responsibility on Financial Institution like Banks, Mutual Funds, to submit AIR (Annual Information Report). In this article...

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FAQs on Statement of Financial Transactions & Reportable Accounts

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)....

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All About SFT- Information

Income Tax - Section 285BA- Requirements, Coverage and Procedure...

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Email on Statement of Financial transactions (SFT) filing by IT Dept.

Income 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....

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Companies to furnish Statement of Financial Transactions to Income Tax Department

Income 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:...

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Bank to obtain and link PAN or Form No. 60

Income 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....

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Reporting of Cash Transactions under Rule 114E: Clarification

Income 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....

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Guidance Note on FATCA and CRS updated till 30.11.2016

Income 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...

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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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No addition for mere non-reconciliation of Professional fees with AIR details

CIT 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...

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In case of AIR based scrutiny AO’s scope is limited to AIR transactions only

Smt. 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....

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Addition for Professional Fees- Merely based on AIR not sustainable

M/s. A.F. Ferguson & Co. Vs JCIT (ITAT Mumbai) - Addition, made solely on the basis of AIR information, especially in the absence of full details of parties and when the professional receipts declared by the assessee far exceeds than the amount mentioned in the AIR information, is not sustainable in the eyes of law. ...

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Additions based on mere AIR information not sustainable

M/s. ANS Law Associates Vs ACIT (ITAT Mumbai) - It has been held time and again by this Tribunal that the additions made solely on the basis of AIR information are not sustainable in the eyes of the If the assessee denies that he is in receipt of income from a particular source, it is for the AO to prove that the assessee has received income as t...

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Report cash deposit in Bank & Post Office A/cs between 01.04.2016 to 09.11.2016

Notification No. 02/2017-Income Tax - (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....

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'Letter Template' for linking of AIR transaction(s) to a valid PAN

F.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:...

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FATCA Rules for registration, due diligence & information maintenance

Notification 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:-...

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Clarifications for implementation of FATCA and CRS

F.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...

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Revised Procedure for registration & submission of report of reporting financial institution

Notification 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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Recent Posts in "AIR"

Don’t Believe These Tax Accounting Myths

There is a lot of false information out there about what you can and can't do on your annual taxes. Here are some of the biggest myths that plague the system and what the truth behind them actually is: ...

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

Is AIR based Notice u/s 147 void ?

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 More
Posted Under: Income Tax |

AIR (Annual Information Report) and Scrutiny Assessment u/s 143(3)

n the era of technology and data analytics, Income Tax Department too empowered itself with one of the most enabling report which allowed itself to peep itself into the assessee’s deeper secrets by laying down the responsibility on Financial Institution like Banks, Mutual Funds, to submit AIR (Annual Information Report). In this article...

Read More
Posted Under: Income Tax |

FAQs on Statement of Financial Transactions & Reportable Accounts

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 More
Posted Under: Income Tax |

All About SFT- Information

Section 285BA- Requirements, Coverage and Procedure...

Read More
Posted Under: Income Tax |

High-Value Transactions Under Scanner

To keep a watch on high-value transactions by taxpayers, the I-T department has developed a statement of financial transactions called Annual Information Return (AIR). ...

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Posted Under: Income Tax |

Statement of Financial transactions – Form 61A filing & Submitting “SFT Preliminary Response”

Income tax department is sending bulk emails to all assesse, for filing of preliminary response and form 61A. We have summarized the SFT filing of preliminary response and form 61A, as under:...

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Posted Under: Income Tax | ,

Email on Statement of Financial transactions (SFT) filing by IT Dept.

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 More
Posted Under: Income Tax | ,

Statement of Financial Transactions (SFT) and ITDREIN

Articles explains about What is Statement Of Financial Transactions (SFT) and ITDREIN, Who is reporting authority to file SFT, Which transactions needs to be reported. How to create ITDREIN, Nature and Value of Transactions to be Reported Under Rule 114E, Reporting format and how to report SFT. ...

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Posted Under: Income Tax | ,
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