Income Tax : Understand the requirements, due dates, and penalties for filing the Statement of Financial Transactions (SFT) under Section 285BA...
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 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 : It has categorically been explained by the assessee that it is not practically possible to give detailed party wise breakup of fee...
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...
World champion Abhinav Bindra wins India’s first ever individual gold at the Olympic Games by winning the gold medal at the men’s 10m air rifle event in Beijing on Monday. Bindra, a Khel Ratna awardee, finished the qualifying event joint fourth with Romania’s George Alin Moldoveanu after the duo shot a score of 596/600.
Section 2(1A) of the Income-tax Act, 1961 – Agricultural income Assessment years 1988-89 and 1990-91- Whether sale proceeds of plants raised in nursery on land belonging to assessee constitutes income from agriculture – Held, yes . Commissioner of Income-tax, Meerut v. Green Gold Tree Farmers (P.) Ltd.
The Income Tax Department is gearing up to use identity-search technology to manage the swelling data base of taxpayers, a move that will make tax evasion difficult and bring to book habitual defaulters. In order to effectively manage the database of taxpayers, the Director General of Income Tax (Investigation) has invited bids from companies for developing a software, which can undertake identity search of taxpayers across the country.
Worryingly for taxpayers, there is confusion in the air about AIR (annual information return) ever since the taxman issued an FAQ relating to ITR (income-tax return) forms. FAQs are supposed to clarify things but what is causing puzzlement to assessees is the `limit’ relating to financial transactions for AIR, specified in one of the `frequently asked’ questions, posted recently on www.incometaxindiaefiling.gov.in. Question number 64, the last in the list, reads: “In schedule of AIR of all ITRS relating to financial transactions whether the limit fixed is for aggregate or single in each category as shown in the following transactions:
The CBDT has given norms for current fiscal for selection of cases meant for scrutiny. For corporates: All banks and public Sector undertakings are liable for scrutiny. Also, all NSE-500 companies and BSE-A group companies listed in Bombay Stock Exchange as on March 31, 2007, are covered. Companies in Delhi , Mumbai, Chennai, Kolkata, Pune, Hyderabad , Bangalore and Ahmedabad paying book profit tax under Section 115 JB on the book profit of Rs 50 lakh and above are liable for scrutiny. In the case of companies in other places the monetary limit for book profit is Rs 25 lakh.
Income Tax Department has notified the file format (data structure) for preparation of Annual Information Returns. Filers can prepare the AIR as per the file format using in-house software or any other third party software or the return preparation utility developed by NSDL (AIR RPU) and submit the same to any of the TIN-FCs established by NSDL or directly upload through the NSDL-TIN website.
It has also been brought to notice of the Board that in some cases, the address of transacting parties given in AIRs is not complete. Sub-para (f) of para 10 of above-mentioned instruction outlines the procedure to be followed in case the assessee is not traceable. It may be because of incomplete address or change in address. All efforts should be made to trace the assessee in accordance with the procedure outlined in said sub-para. However, it should be ensured that there is valid service of notice. Further if, because of time taken in tracing the assessee, no time is available for issue of notice under section 142(1) and for making the assessment up to 31-12-2007, notice may be issued under section 148 after 31-12-2007.
07/2005 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 is the 31st of August of the following year.
