Posted On:  5 months ago


Due date for filing of Form 61A (SFT) extended to 30th June 2017

The last date for furnishing the statement of financial transactions under Rule 114E(5) of the Income Tax Rules, 1962, (the Rules) read with sub-section (1) of section 285BA of the Income Tax Act, 1961, (the Act) is 31st May, immediately following the Financial Year in which the transaction is registered or

article author CA Chirag Chauhan

Posted On:  5 months ago


CBDT clarifies on SFT & SFT Preliminary Response Filing

Section 285BA of the Income Tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income Tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017.

article author CA Chirag Chauhan

Posted On:  5 months 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:  10 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:  1 year 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:  1 year ago


FATCA Rules for registration, due diligence & information maintenance

S.O. 2151(E).-In exercise of the powers conferred by section 285BA read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government with respect to registration of persons, due diligence and maintenance of information

article author One Roof Consultant

Posted On:  1 year 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:  2 years ago


Statement of Financial Transactions and Reportable Accounts (AIR - Annual Information Return)

This article provides the various provisions related to Statement of Financial Transactions and Reportable Accounts who is required to furnish Statement of Financial Transactions and Reportable Accounts, what is the due date for filing the return.

article author CA Chirag Chauhan