SFT

Income Tax Provisions relating to Cash Transactions in India

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...

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High Value Cash Transactions & Mandatory Return Filing (ITR)

Income 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 ...

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FAQs on Statement of Financial Transactions & Reportable Accounts

Income 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)....

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E-Campaign – Significant Transactions for AY 2022-23 what to do?

Income 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...

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Companies need to know about SFT Compliance

Income 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...

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5.56 lakh new persons in 2nd phase of Operation Clean Money identified

Income 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....

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CBDT clarifies on SFT & SFT Preliminary Response Filing

Income 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....

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Email on Statement of Financial transactions (SFT) filing by IT Dept.

Income 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....

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Companies to furnish Statement of Financial Transactions to Income Tax Department

Income 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:...

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AO must specify if ITR not been filed by appellant in his Section 148A(b) order

Ambika 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...

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No penalty for delay in filing STF Return due to late Receipt of Advisory Notice & SCN

Rewari 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....

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Section 271FA penalty not leviable in absence of reportable transaction

M/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....

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Submission of Statement of Financial Transactions for Interest Income-Reg.

SB 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,...

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Income Tax Return, Tax Audit due date & Other dates extended

Circular 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-...

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CBDT notifies amendment in rule 114AAB and Form No. 49BA

Notification 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...

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SFT for Mutual Fund Transactions – Format, Procedure & Guideline

Notification 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...

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SFT for Depository Transactions – Format, Procedure & Guideline

Notification 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...

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Recent Posts in "SFT"

AO must specify if ITR not been filed by appellant in his Section 148A(b) order

Ambika 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 have given a finding with […]...

Read More

No penalty for delay in filing STF Return due to late Receipt of Advisory Notice & SCN

Rewari 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 More

Income Tax Provisions relating to Cash Transactions in India

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 More
Posted Under: Income Tax |

High Value Cash Transactions & Mandatory Return Filing (ITR)

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 More
Posted Under: Income Tax |

FAQs on Statement of Financial Transactions & Reportable Accounts

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 More
Posted Under: Income Tax | ,

E-Campaign – Significant Transactions for AY 2022-23 what to do?

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 More
Posted Under: Income Tax | ,

Companies need to know about SFT Compliance

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 More
Posted Under: Income Tax | ,

Annual Information System and SFT transactions Shown on Tax Payers individuals portal

Annual Information System is Government New Experience   introduction replacing in future Form 26 AS. Form 26 AS is Xray of Tax payers and ASI can be called MRI of Tax Payers. Many Pros and Cons are regularly being reported by the Tax Payers So Government of India in a Press Release declared that the AIS […]...

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Posted Under: Income Tax |

All about dividend income, payment and compliances

Dividend income, payment and reporting has undergone major changes during the last and current financial year with increased taxation in the hands of the recipients and increased reporting requirements. These days investment in shares and securities has become a favourite of most people and as a result many people have dividend income. Al...

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Posted Under: Income Tax |

Submission of Statement of Financial Transactions for Interest Income-Reg.

SB 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, 1962....

Read More

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