Income Tax : The issue concerns mandatory reporting of specified financial transactions under tax law. The key takeaway is that entities must r...
Income Tax : This explains why FD reporting to tax authorities and TDS on interest follow different thresholds. The key takeaway is understandi...
Income Tax : Understand the SFT system, reporting requirements, due dates, and penalties under Section 285BA for high-value financial transacti...
Income Tax : Know about Statement of Financial Transaction (SFT) or Reportable Account under Section 285BA — entities liable to file, reporta...
Income Tax : Understand critical tax deadlines by May 31, 2025, for TDS and SFT reporting. Learn about compliance requirements, applicable form...
Income Tax : A detailed examination of the Income-Tax Department's investigation into Reporting Entities, with a specific focus on a prominent ...
Income Tax : The Income Tax Department has issued a notice informing all Statement of Financial Transaction (SFT) filers about the challenges f...
Income Tax : Income Tax Department has used information received under Statement of Financial Transactions to identify 5.56 lakh new persons i...
Income Tax : Section 285BA of the Income-tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions presc...
Income Tax : Statement of Financial transactions (SFT) should be filed by all reporting persons covered under Rule 114E of Income-tax Rules, 19...
Income Tax : The ITAT Bangalore held that penalty under Section 271FAA cannot be imposed mechanically where delay in filing the correction stat...
Income Tax : Read about the case of Waghodia Urban Co. Op. Bank Limited vs. Director of Income Tax regarding a penalty levied under Section 271...
Income Tax : Read about Durgapur Steel Peoples’ Cooperative Bank Ltd vs Director of Income Tax case. ITAT Kolkata rules that non-filing of SF...
Income Tax : Explore the detailed analysis of Kesar Alloys & Metals Pvt. Ltd. vs. Director of Income Tax (ITAT Indore) case, focusing on penalt...
Income Tax : Explore the detailed analysis of the penalty imposed on Jhalawar Kendriya Sahakari Bank Ltd. by ITAT Jaipur in the case against AD...
Income Tax : Revised Format, Procedure and Guidelines for submission of Statement of Financial Transaction (SFT) for Mutual Fund Transactions b...
Income Tax : Understand revised format, procedure & guidelines for submission of Statement of Financial Transactions for Depository Transaction...
Income Tax : Addendum to Notification 2 of 2021: Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) f...
Finance : In continuation to the SB Order No. 01/2017 dated 29.03.2017, the undersigned is directed to inform that Government of India, Mini...
Income Tax : 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 s...
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 […]
Notification No. 95/2015 In exercise of the powers conferred by section 139A, section 271FAA and section 285BA, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
