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Income Tax - Section 271FA of the Act provides that if a person who is required to furnish the statement of financial transaction or reportable account under sub-section (1) of section 285BA, fails to furnish such statement within the prescribed time, he shall be liable to pay penalty of one hundred rupees for every day of default....
Read MoreIncome Tax - To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the concept of statement of financial transaction or reportable account (previously called as Annual Information Return (AIR)....
Read MoreIncome Tax - The person required to furnish details in the Form 61A according to the provisions of Rule 114E, the same shall be furnished to the Director of Income Tax (Intelligence and Criminal Investigation) or the Joint director of Income Tax (Intelligence and Criminal Investigation) through online....
Read MoreIncome Tax - Section 285BA- Requirements, Coverage and Procedure...
Read MoreIncome Tax - The Rule 114E prescribed under the reporting transactions and persons that need to file such records to Director/Joint director of Income Tax (Intelligence and Criminal Investigation).The same is produced below in a synopsis manner to help the reader to get a broad idea of the provisions and rules....
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 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 ...
Read MoreRBI/2016-17/309 IDMD.CDD.No.3031/13.01.299/2016-17 - (25/05/2017) - RBI Advisory on Submission of Annual Information Return now known as Statement of Financial Transaction (SFT) relating to issue of Bonds for ₹ 5 lakh or more under Section 285 BA of Income Tax Act, 1961- ...
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SEBI Circular No. CIR/HO/MIRSD/MIRSD2/CIR/P/2017/59 - (15/06/2017) -
F NO.279/Misc./M-63/2017-ITJ - (31/05/2017) -
RBI/2016-17/313 IDMD.CDD.No.3058/13.01.299/2016-17 - (30/05/2017) -
Notification No. 7/2017-Income Tax - (30/05/2017) -
