Income Tax : Know about Statement of Financial Transaction (SFT) or Reportable Account under Section 285BA — entities liable to file, reporta...
Income Tax : Understand TDS on immovable property transactions. Section 194-IA mandates TDS deduction at 1% for sale consideration exceeding Rs...
Income Tax : Annual Information Return (AIR) – meaning, provisions, Applicability & FAQs Annual Information Return (AIR) of ‘hi...
Income Tax : Income Tax Department nowadays selects almost all cases for scrutiny assessment under section 143(2) of Income Tax Act 1961 based ...
Income Tax : Downloading the utility 1. Go to e-filing portal at https:iincometaxindiaefiling.gov.in/ 2. Click on the Forms (other than ITR) ta...
Income Tax : Statement of Financial transactions (SFT) should be filed by all reporting persons covered under Rule 114E of Income-tax Rules, 19...
Company Law : 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 ...
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 existin...
Income Tax : Cash transactions did not require aggregation and the reporting requirement under SFT for this purpose is on receipt of cash payme...
Income Tax : This Guidance Note is for providing guidance to the Financial Institutions, Regulators and officers of the Income Tax Department f...
Income Tax : ITAT Mumbai quashed ex-parte assessment based solely on AIR entries, directing AO to provide full details so assessee can respond ...
Income Tax : The Kerala High Court rules in favor of Director of Income Tax in Sub Registrar vs Director of Income Tax, asserting that the bona...
Income Tax : Since AO had not carried out any exercise to rebut the contention of assessee that they have not received any sum higher than what...
Income Tax : Penalty under 271FA was unjustified as there was no requirement to file the AIR in absence of reportable transaction during the fi...
Income Tax : Sub Registrar Dhansura Vs DIT (ITAT Ahmedabad) Appellant is a Govt. servant and ld. AR stated that they have assigned job to submi...
Income Tax : Cash deposits during the period 1st April, 2016 to 9th November, 2016 in respect of accounts that are reportable to be reported by...
Income Tax : The Income Tax Department has received information about large value transactions relating to you under the Annual Information Ret...
Income Tax : Central Government with respect to registration of persons, due diligence and maintenance of information, and the Central Board of...
Income Tax : Financial institutions are in the process of carrying out the due diligence of financial accounts and obtaining self-certification...
Income Tax : Submission of Form 61B: Every reporting financial institution is required to submit the Statement of Reportable Account in Form 61...
ITAT Mumbai quashed ex-parte assessment based solely on AIR entries, directing AO to provide full details so assessee can respond and defend his position.
Know about Statement of Financial Transaction (SFT) or Reportable Account under Section 285BA — entities liable to file, reportable transactions, due dates, penalties, and compliance procedures.
Understand TDS on immovable property transactions. Section 194-IA mandates TDS deduction at 1% for sale consideration exceeding Rs. 50 lakhs. Learn buyer and seller obligations.
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.
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’ registered or recorded by them during the financial year. The due date of filing of […]
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 to make additions on grounds other than AIR transactions like on the basis of inadequate withdrawals etc or on the basis of estimated additions.
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.
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
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.
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.
