The same prescribed by CBDT via Rule 114E is given below: SI NoĬash payment purchase of bank drafts or pay orders or banker’s cheque, Cash payments for the purchase of pre-paid instruments issued by the Reserve Bank of India, Cash deposits in one or more current accounts of a person, Cash withdrawals from one or more current accounts of a personĪggregating to Rs 10 lakh or more in an FY, Aggregating to Rs 10 lakh or more during the FY, Aggregating to Rs 50 lakh or more in an FY, Aggregating to Rs 50 lakh or more in an FYĪ banking company or co-operative bank to which the banking regulation appliesĬash deposits in one or more accounts other than a current account and time deposit of a personĪggregating to Rs 10 lakh or more in an FYĪ banking company or co-operative bank to which the banking regulation applies, Post-Master General of a post office Section 285BA authorises the Central Board of Direct Taxes (CBDT) to prescribe different values with respect to different specified financial transactions in respect of different specified persons having regard to the nature of such transactions. Nature, value and person responsible to report a specified transaction Transaction for taking or accepting any loan or deposit.Transaction by way of an investment made or expenditure incurred.Transaction of purchase, sale/exchange of goods or property or right or interest in a property.Specified transactions required to be reportedįinancial transactions specifically required to be reported under Section 285BA are as follows: It allows the IT department to keep track of transactions and prevent illicit activity. As a result, taxpayers can file an SFT transaction in Form 26AS by completing Form 61A. If such transactions occur in your fiscal year, they will be shown in "Part E" of your new 26AS. The government has updated Form 26AS as of June 2020 to include specified transactions in the Statement of Financial Transactions (SFT). What is a Statement of Financial Transaction (SFT)?įilers must provide a statement of financial transaction or reportable account for their defined financial transactions. It was later repealed by the Finance Act of 2014, which renamed it 'duty to produce a statement of financial transaction or reportable account'. In 2003, the 'Annual Information Return (AIR)' was introduced under Section 285BA of the Income Tax Act. As a result, the Indian government has launched a number of steps to combat such actions. The accumulation of black money poses a huge threat to the Indian economy. ITR U – What is ITR-U Form and How to File ITR-U.Income Tax Raid, Search and Seizure – What, When, How.UAN Login, Portal Registration, Universal Account Number Activation & Status Check.
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