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...
Equalisation Levy Applicability of Equalisation Levy Equalisation Levy is a direct tax, which is withheld at the time of payment by the service recipient. The two conditions to be met to be liable to equalisation levy: The payment should be made to a non-resident service provider; The annual payment made to one service provider exceeds […]
Existing provisions of section 285BA of the Act, inter alia, provide for furnishing of statement of financial transaction (SFT) or reportable account by person specified therein. In order to enable pre-filling of return of income, it is proposed to obtain information by widening the scope of furnishing of statement of financial transactions by mandating furnishing […]
Understand the Statement of Financial Transactions (SFT) requirement under Section 285BA of the Income Tax Act. Learn who needs to file and why.
FILE STATEMENT OF FINANCIAL TRANSACTIONS (SFT) For F.Y 2018-19. Due Date 31st May, 2019 Are You Sub Registrar A Co-operative Bank A Banking Company NBFC Nidhi Post Master General Foreign Exchange Dealer Issuer of Bonds,Debentures or Shares Trustee of Mutual Fund or managing the affairs of Mutual Fund Supplier of Goods or services(Whose accounts are […]
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.
