Income Tax - Article explains about Furnishing of Statement of Financial Transaction [Rule 114E], Non Furnishing/Defective Furnishing of SFT (Section 285BA) , Opportunity by Income Tax Authority to rectify defect, Notice in case of non-furnishing of SFT, Opportunity to rectify defect within 10 days, Penalty for failure to furnish statement of fina...
Income Tax - The provisions of section 271FAA of the Income Tax Act applies in case the specified person furnishes inaccurate statement of the financial transactions / reportable account as prescribed under section 285BA of the Income Tax Act. The provision of section 285BA mandates the specified person to furnish the statement of financial transactio...