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Nature and value of transactions to be reported under Rule 114E and General Guidelines for Preparation of Statement of Financial Transactions (SFT)
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:
Cash deposits during the period 1st April, 2016 to 9th November, 2016 in respect of accounts that are reportable to be reported by Banks and Post Office.
Procedure for registration for statement of financial transactions (SFT) as per section 285BA of Income-tax Act 1961 read with Rule 114E of Income-tax Rules, 1962
CBDT amended Rule 114B (mandatory quoting of PAN) and Rule 114E (reporting in AIR) casting regulatory and reporting obligations on banks and post offices for accepting and reporting of cash deposits in the bank and post office accounts.
Cash deposits,- (i) exceeding fifty thousand rupees during any one day; or (ii) aggregating to more than two lakh fifty thousand rupees during the period 09th November, 2016 to 30th December, 2016
The Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) shall specify the procedures, data structures, and standards for ensuring secure capture and transmission of data, evolving and implementing appropriate security, archival and retrieval policies in relation to the statement referred to in sub-clause (i) of sub-rule (1).
In rule 114E (i) in the marginal heading, after the words Information Return, the words or Statement of Financial Transactions shall be inserted. Rule 114E of the Rules, as amended by this rule shall be applicable for the specified financial transactions carried out during the period from 1st April, 2015 to 31st March, 2016.
Requirement of PAN to be obtained from parties and responsibility of furnishing of correct PAN is also lies with Your company, so verify the PAN from available sources. Moreover details to be obtained under form 60 are required to be filled truly and correctly, further all the particulars of the same are required to be verified to the satisfaction of the concerned person accepting the same (principal officer).
CA Vinamar Gupta Comprehensive Analysis of New Requirements of furnishing PAN and AIR Information w.e.f 01-01-2016 CBDT vide Notification No. 95/2015 dated 30-12-2015 has amended Rules for PAN and AIR Information. While the press release dated 15-12-2015, broadly discussed the likely changes in PAN requirements, the notification contains lot many creases required to ironed out […]
