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Income Tax - Income Tax department sends communications specifying High Value Information and seeks further information however communications seem to be partial faulty Too much of digitisation has its ill effects and now with the communications sent by Income Tax departments after digital review of the assessees data, it seems that the ill effects ar...
Read MoreIncome Tax - Short note on SFT – Statement of Financial Transactions considering Recent CBDT Notification No. 16/2021, dated 12-03-2021 with penalty provisions SFT provides a reporting mechanism wherein specified entities are required to provide information about material financial transactions to the Income-tax Department. While Presenting Unio...
Read MoreIncome Tax - Special Financial Transactions (SFT) Reporting Parameters. Income Tax Department is widening its scope of disclosers and reporting day by day, there are some type of transactions on which Income Tax Department is very aggressive these days, and if any person entered in such transaction without any valid source then he can be caught in gre...
Read MoreIncome Tax - 1. Section 285BA:- Section 285BA has been substituted by the Finance Act, 2004 w.e.f. 1-4-2005. It is applicable in respect of transactions registered or recorded during any financial year commencing on or after 1-4-2004. Sub-section (1) of section 285BA requires certain specified persons to furnish Annual Information Return (AIR) in resp...
Read MoreIncome Tax - SFT return is mandatorily to be filed by all persons having bank transactions above Rs. 30 lakhs, all professionals and business having turnover above Rs 50 lakhs & payment of rent above Rs. 40,000....
Read MoreIncome Tax - Income Tax Department has used information received under Statement of Financial Transactions to identify 5.56 lakh new persons in second phase of Operation Clean Money....
Read MoreIncome Tax - Section 285BA of the Income-tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017....
Read MoreIncome 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....
Read MoreIncome 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:...
Read MoreM/s Guntur District Co-operative Central Bank Ltd. Vs Director of Income Tax (ITAT Visakhapatnam) - 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....
Read MoreNotification No. 16/2021-Income Tax/G.S.R 175(E) - (12/03/2021) - CBDT notifies that For the purposes of pre-filling the return of income, a statement of financial transaction containing information relating to capital gains on transfer of listed securities or units of Mutual Funds, dividend income, and interest income shall be furnished by specified persons at su...
Read MoreSEBI Circular No. CIR/HO/MIRSD/MIRSD2/CIR/P/2017/59 - (15/06/2017) - In terms of Rule 114G(1)(e)(i) of Income Tax Rules, 1962 issued under Section 285BA of Income Tax Act, 1961 following information is required to be reported by reporting financial institution in the case of reportable custodial account:-...
Read MoreF NO.279/Misc./M-63/2017-ITJ - (31/05/2017) - CBDT hereby extends date of furnishing of statement of financial transactions under Rule 114E(5) of Rules, r.w. section 285BA for Assessment Year 2017-18 front 31st May 2017 to 30th tune 2017 in case of persons throughout India who are liable to furnish the said statement....
Read MoreRBI/2016-17/313 IDMD.CDD.No.3058/13.01.299/2016-17 - (30/05/2017) - It is observed that a few Agency banks were submitting Annual Information Returns (AIR, now changed to SFT) in respect of Savings Bonds to Income Tax Authorities as well as to RBI....
Read MoreNotification No. 7/2017-Income Tax - (30/05/2017) - Procedure for Acceptance of Statement of Financial Transactions from Sub-Registrar Office and Post Offices (SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962 ...
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Notification No. 16/2021-Income Tax/G.S.R 175(E) - 12/03/2021
