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 : The case involved an addition based on AIR information regarding a property transaction. The Tribunal deleted the addition after 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 : 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...
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.
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:
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 […]
Section 285BA- Requirements, Coverage and Procedure
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).
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.
Statement of financial transaction in respect of specified transactions registered or recorded in the Financial Year 2016-17 is to be filed on or before 31st May, 2017.
Please note that, facility of not to be treated as assessee in default due to failure to make TCS on furnishing of ROI, payment of due taxes etc. by the concerned buyer and furnishing of certificate in form 27BA by defaulter [as provided in proviso to s. 206C(6A)] is not available to persons referred to in section 206C(1D) as above!!
Section 285BA of the Income Tax requires specified reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in Form No. 61A.
Transaction Specific Guidelines for Preparation of Statement of Financial Transactions (SFT) Transaction specific guidelines for preparation of Statement of Financial Transactions (SFT) are given in following paragraphs. SFT- 001: Purchase of bank drafts or pay orders in cash Transaction Code SFT- 001 Transaction Description Purchase of bank drafts or pay orders or banker’s cheque in […]
