c

SFT

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

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 […]...

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All about dividend income, payment and compliances

Income 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...

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How to Manage/Generate ITDREIN

Income 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....

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Paid or distributed Dividend? File Statement of financial transactions by 30th June

Income 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...

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Transparent Taxation – SFT ( Specified Financial Transactions )

Income 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,...

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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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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"

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 […]...

Read More
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...

Read More
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

How to Manage/Generate ITDREIN

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 More
Posted Under: Income Tax |

Paid or distributed Dividend? File Statement of financial transactions by 30th June

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 More
Posted Under: Income Tax |

Transparent Taxation – SFT ( Specified Financial Transactions )

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 More
Posted Under: Income Tax |

CBDT Extends Time Limits for Various Direct Tax Compliances – AY 2021-22

The Central Board of Direct Taxes after considering the severe continuing COVID-19 pandemic situation in the country, vide Circular No. 9 of 2021, dated 20 May 2021, has extended the deadlines of certain compliances for the Assessment Year 2021-22...

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Posted Under: Income Tax |

Extension of Time Limits of Various Income Tax Compliances

In the wake of the pandemic Covid-19 and in the interest of taxpayers, the Central Board of Direct Taxes (CBDT) extended time limits for various compliances as under: 1. Statement of Financial Transactions (SFT) & Statement of Reportable Account (SRA):Due Date of SFT and SRA for the FY 2020-2021 has been extended from 31st May 2021 [...

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Posted Under: Income Tax |

आयकर से सम्बंधित बढाई गई मुख्य तिथिया

सरकार द्वारा कोरोना महामारी को देखते हुए आयकर से सम्बंधित विभिन्न तिथियों को बढ़ा दिया है जिससे करदाताओ को राहत मिलेगी आयकर से सम...

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Posted Under: Income Tax |

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 2020-21, which is 30th September 2021, is ext...

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