Posted On:  1 week ago

Are you required to file Statement of Financial transactions - Form 61A filing under Section 285BA Rule 114E?

Many individuals and corporate have started receiving emails to file Statement of Financial transactions (SFT) by all reporting persons covered under Rule 114E of Income-tax Rules, 1962. Due date for filing the same in Form 61A is 31st May 2017, The Article give you detail of its applicability, transaction and entity covered, exemption and monetary limit

article author CA Chirag Chauhan

Posted On:  4 months ago

Companies to furnish Statement of Financial Transactions to Income Tax Department`

As per Rule 114E of the Income Tax Rules 1962, for and from 2016-­17, all companies have to be furnish SFT in respect of certain specified transactions as tabulated below

article author CS Perila Sheth

Posted On:  5 months ago

Procedure for registration for statement of financial transactions (SFT) as per section 285BA of Income-tax Act

Section 285BA of the Income Tax requires specified reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 (hereunder referred as the Rules) specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in Form No. 61A.

article author One Roof Consultant

Posted On:  8 months ago

Income Tax (26th Amendment) Rules, 2016

S.O. 3160(E).-In exercise of the powers conferred by section 139A 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:- 1. (1) These rules may be called the Income–tax ( 26th Amendment) Rules, 2016. (2) These rules shall come into force from the date of their publication in the Official Gazette.

article author One Roof Consultant

Posted On:  12 months ago

Liable for Tax Audit? You have to maintain Records and file AIR from 2016

Assessee’s, who are liable to tax audit including individual, Partnership, Company, LLP and others have to maintain record and file Annual Information Return in form 61A u/s 285BA read with Rule 114E from Provision of Income tax: applicable from 01-04-2016.

article author CA Chirag Chauhan

Posted On:  1 year ago

Mandatory PAN Provision: Challenge ahead for organised trade!

Notification No. 95/2015 dated 30th December, 2015 issued by CBDT made quoting of PAN on various transaction mandatory. The Serial no. 18 of the amended Rule 114B is real challenge for trade and business. The seller of goods or provider of service is entrusted with various responsibilities similar to existing TDS provisions. Articles decoding the provisions in short.

article author Chetan Oswal