Income Tax : Discover the consequences of incorrect SFT reporting triggering U/s 148A notices under the Income Tax Act, 1961. Learn from a deta...
Income Tax : Received an SMS/Email from Income Tax? Explore insights on the high-value transactions advisory, its purpose, and how to respond. ...
Income Tax : आयकर विभाग के सलाह के अनुसार, उच्च-मूल्य लेनदेन मे...
Income Tax : In-depth analysis of recent Income Tax Department communications on high-value transactions. Understand the advisory, compliance s...
Income Tax : Explore the essentials of Statement of Financial Transactions (SFT) under the Income Tax Act in India. Understand its meaning, who...
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 : 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 : A penalty of was levied under section 271FA of Income Tax Act, 1961. The assessee’s subsequent appeal, stating that SFT was file...
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...
Legal Framework- Section 285BA- Obligation to furnish Statement of Financial Transactions (SFT). Rule 114E – Furnishing of Statement of Financial Transactions in Form 61A. Form 61A – Format and Instructions
The first step in preparation of Statement of Financial Transactions (SFT) is to identify transactions/persons/accounts which are reportable under Rule 1 14E. In the second step, the reporting person/entity is required to submit details of transactions/persons/accounts which are determined as reportable.
Articles explains about What is Statement Of Financial Transactions (SFT) and ITDREIN, Who is reporting authority to file SFT, Which transactions needs to be reported. How to create ITDREIN, Nature and Value of Transactions to be Reported Under Rule 114E, Reporting format and how to report SFT.
New Form 26AS – The Game-Changer In Income-Tax IMPLICATIONS TO ASSESSEES AND PROFESSIONALS IN THE FACELESS SCENARIO It seems to be a human trait not to divulge financial information to anybody outside their inner-circle.The experience of many tax professionals has been that similar restraint is observed by clients even in their consultations in tax affairs. […]
Specified Financial Transactions and Reportable Accounts A. Section 285 BA: Obligation to furnish statement of financial transaction or reportable account: Sub – Section Section 285BA 1 Specified Person shall furnish a statement in respect of such specified financial transaction or such reportable account which is registered or recorded or maintained by him and information […]
Income tax department is sending bulk emails to all assesse, for filing of preliminary response and form 61A. We have summarized the SFT filing of preliminary response and form 61A, as under:
Obligation to furnish statement of financial transaction or reportable account {Sec – 285BA, Income-tax Act, 1961}. 1. Any person, being:- a) An Assesse, b) The prescribed person in the case of an office of Government, c) Local authority or other public body or association, g) Registrar or Sub-Registrar appointed under section 6 of the Registration […]
Understand the requirements and penalties associated with Statement of Financial Transaction. Learn about furnishing, rectifying defects, and avoiding non-compliance.
Income Tax is one of the most prevalent and the long standing tax in India accumulating more than 50% of revenue from taxes for the Central Government. Income tax is contributed by corporates as well as individuals. Surprisingly, a mere 2-3% of the individual population in India actually pays income tax. However, over the recent […]
BACKGROUND 1. Under the Annual Information Return (AIR) Scheme, Specified Entities were required to report Notified Transactions to Income Tax Department. 2. Section 285BA of Income Tax Act 1961 read with rule 114E of Income Tax Act 1962 w.e.f 01.04.2015 makes it mandatory for specified reporting persons to furnish statement of financial transactions electronically. WHO […]
