Income Tax - India has been categorized as a cash based economy since long. People are more comfortable in using cash as no prior authorization is required, no transaction charges are there, no technical knowledge is required, cash cab be used anonymously and also tax evasion become easier. In Past decade Govt. has taken various steps and has [&hellip...
Read MoreIncome Tax - Section 285BA- Obligation to furnish statement of financial transaction or reportable account. (1) Any person, being— (a) an assessee; or (b) the prescribed person in the case of an office of Government; or (c) a local authority or other public body or association; or (d) the Registrar or Sub-Registrar under the Registration Act, 1908 ...
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 - Under this E-Campaign, the Income Tax Department is sending email/ SMS to identified taxpayers to verify their financial transactions related information received by the IT Department from various source such as Statement of Financial Transactions (SFT), Tax Deduction at Source (TDS), Tax Collection at Source (TCS) etc. The department has...
Read MoreIncome Tax - The Income-tax department requires companies to submit a statement of Specified Financial Transactions (SFT). SFT reporting is mandatory for certain reporting entities from Finance Act 2014 by introducing section 285BA followed by additions made in Finance Act 2020 through notification no. 16/2021, dated 12-03-2021. This article focuses o...
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 MoreAmbika Kapur Vs ACIT (Delhi High Court) - Ambika Kapur Vs ACIT (Delhi High Court) Court finds that the primary allegation in the notice issued under Section 148A(b) of the Act is that the petitioner has not filed ITR for the assessment year 2018-19. However, as the said fact has been rebutted by the petitioner, the Assessing Officer should...
Read MoreRewari Central Cooperative Bank Ltd. Vs Directorate of Income Tax (ITAT Delhi) - Assessee has not received advisory notice issued u/s 285 BA (5) and the show cause notice of penalty u/s 271FA due to change of mail id and further contended that, the delay in filing the return was not deliberate....
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 MoreSB Order No. 18/2021 - (05/07/2021) - In continuation to the SB Order No. 01/2017 dated 29.03.2017, the undersigned is directed to inform that Government of India, Ministry of Finance, (Dept. of Revenue, CBDT) vide Notification dated 12.03.2021 issued vide GSR 175(E), has inserted the following sub rule in Rule 114E of Income Tax Rules,...
Read MoreCircular No. 9 of 2021 - Income Tax - (20/05/2021) - The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of section 139 of the Act, is extended to 30th September 2021; 10) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-...
Read MoreNotification No. 42/2021-Income Tax [G.S.R. 318(E)] - (04/05/2021) - CBDT Notification No. 42/2021 dated 4th May, 2021. regarding exemption from obtaining PAN by non resident investor. Rule 114AAB specifies the Class or classes of person to whom provisions of section 139A shall not apply. CBDT has not amended Rule 114AAB and Form No. 49BA vide Notification No. 42/202...
Read MoreNotification No. 4 of 2021-Income Tax-DGIT - (30/04/2021) - Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Mutual Fund Transactions by Registrar and Share Transfer Agent – Notification No. 4 of 2021-Income Tax-DGIT Dated: 30th April, 2021 Also Read- Format, Procedure and Guidelines for submission of Sta...
Read MoreNotification No. 3 of 2021 - (30/04/2021) - Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions-Notification No. 3 of 2021-DGIT Dated: 30th April, 2021 Also Read – Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Mutual F...
Read MoreAmbika Kapur Vs ACIT (Delhi High Court) -
Rewari Central Cooperative Bank Ltd. Vs Directorate of Income Tax (ITAT Delhi) -
SB Order No. 18/2021 - 05/07/2021