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...
Now days a question is coming to the mind of many professional that in case of an entity who has not entered into any of the Specified or reportable financial transactions in Financial Year 2016-17 but who falls into the class of person (reporting person) under Section 285BA Read with Rule 114E of Income Tax Rules, are they required to file NIL statement of financial transactions (SFT) in Form No. 61A.
Note on Reporting of specified financial transaction as prescribed U/s 285BA read with Rule 114E of the IT Act. Rule 114E prescribed the following transactions which is applicable to company- the relevant extract of sr. no. is reproduced for ease of understanding. Sr no. Nature and value of transaction Class of person (Reporting person) (1) […]
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.
Reporting Entity or Reporting Person is an entity which is required to furnish a Statement of Financial Transaction (in Form 61 A) or Statement of Reportable Account (in Form 61B) with the Income tax Department as per the provisions of section 285BA of the Income-tax Act 1961.
Statement of Financial Transaction (SFT) I. Introduction In order to keep a track of the high value transactions undertaken by the taxpayers, a new Form 61A under Sec 285BA was introduced w.e.f 1st April, 2004 vide Notification No. 182/2005, dated 11/07/2005. This section required reporting persons to furnish Annual Information Return (AIR) in respect of […]
Section 271FA of the Act provides that if a person who is required to furnish the statement of financial transaction or reportable account under sub-section (1) of section 285BA, fails to furnish such statement within the prescribed time, he shall be liable to pay penalty of one hundred rupees for every day of default.
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.
The person required to furnish details in the Form 61A according to the provisions of Rule 114E, the same shall be furnished to the Director of Income Tax (Intelligence and Criminal Investigation) or the Joint director of Income Tax (Intelligence and Criminal Investigation) through online.
In terms of Rule 114G(1)(e)(i) of Income Tax Rules, 1962 issued under Section 285BA of Income Tax Act, 1961 following information is required to be reported by reporting financial institution in the case of reportable custodial account:-
Section 285BA- Requirements, Coverage and Procedure
