Income Tax - 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 […]...
Read MoreIncome Tax - 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...
Read MoreIncome Tax - Income Tax Department Reporting Entity Identification Number (ITDREIN) is an identification number allotted by the Income Tax Department (ITD) to a Reporting Entity. After an ITDREIN is generated and an authorized person is added against the generated ITDREIN, the authorized person can upload and / or view Form 15CC and Form V....
Read MoreIncome Tax - Are you a company which has paid or declared dividend? If you are, then you need to file Statement Of Financial Transactions (SFT) for reporting such payment/distribution of dividend for the first time. CBDT has expanded the scope of Statement of financial transactions (SFT) vide Notification No. 16/2021, dated 12-03-2021. By virtue of su...
Read MoreIncome Tax - What is SFT ? SFT (Specified Financial Transactions) or (Statement of Financial Transactions), is report filed by ‘specified persons’ under Section 285BA of Income Tax Act, 1961 which record transactions exceeding threshold limit including investment and expenditure done by taxpayers in FY. Such specified persons who register,...
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 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...
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SB Order No. 18/2021 - 05/07/2021
Circular No. 9 of 2021 - Income Tax - 20/05/2021