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...
Discover the consequences of incorrect SFT reporting triggering U/s 148A notices under the Income Tax Act, 1961. Learn from a detailed case analysis and understand the implications for taxpayers.
Received an SMS/Email from Income Tax? Explore insights on the high-value transactions advisory, its purpose, and how to respond. Understand the significance of AIS, discrepancies, and consequences of non-compliance. Stay informed with professional advice
आयकर विभाग के सलाह के अनुसार, उच्च-मूल्य लेनदेन में विसंगतियों की समीक्षा करें और आने वाले वर्ष के लिए सहीता सुनिश्चित करने के लिए प्रयासरत रहें।
In-depth analysis of recent Income Tax Department communications on high-value transactions. Understand the advisory, compliance steps, and implications. Stay informed to avoid penalties.
Explore the essentials of Statement of Financial Transactions (SFT) under the Income Tax Act in India. Understand its meaning, who needs to file, the due date, associated penalties, and the designated forms (Form 61A / Form 61B). Ensure compliance to avoid penalties
Revised Format, Procedure and Guidelines for submission of Statement of Financial Transaction (SFT) for Mutual Fund Transactions by Registrar & Share Transfer Agent as per Notification No. 4 of 2021. Find out data field types, DQ rules & file formats mandated by CBDT.
Understand revised format, procedure & guidelines for submission of Statement of Financial Transactions for Depository Transactions. Now required to be submitted as half-yearly basis instead of quarterly. Notification No. 3 of 2021 explains changes.
A detailed examination of the Income-Tax Department’s investigation into Reporting Entities, with a specific focus on a prominent Tamil Nadu bank. Discover the importance of complete and accurate financial transactions reporting.
A penalty of was levied under section 271FA of Income Tax Act, 1961. The assessee’s subsequent appeal, stating that SFT was filed when e-filing portal was available, lacked supporting evidence and hence did not hold in court.
The Income Tax Department has issued a notice informing all Statement of Financial Transaction (SFT) filers about the challenges faced during the filing process due to heavy traffic on the reporting portal. To ensure a smooth experience for all filers, the department has extended the filing period for SFT returns. Additionally, a dedicated helpdesk has […]
