Reading Time: 12 minutes SFT Reporting 1. What is the legal framework for reporting Statement of Financial Transactions (SFT)? Section 285BA of the Income Tax requires specified reporting persons to furnish the statement of the financial transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the statement of the financial transaction required to be furnished under sub-section (1)
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Reading Time: 2 minutes Specified Financial Transaction, As per rule 114E of the IT rules 1962, a Reporting Entity is required to file the statement of financial transaction in form 61A. A Reporting Entity has to report in specified SFT reportable transaction of the nature specified in this rule for the relevant financial year on or before 31st of
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Reading Time: 2 minutes In the appeal no ITA 162/KOL/2017 ITO vs. M/s. Dayamayee Marble & Granite, the Income Tax Appellate Tribunal (ITAT) Kolkata Bench, cancelling the penalty held that the capital contributed in Cash Transaction by the partner in the partnership firm does not tantamount to loan or deposit within the meaning of section 269SS of the Income Tax Act,
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Reading Time: 2 minutes New Rules for NBFCs The Finance Ministry has imposed some new Rules for NBFC (Non-Banking Finance Companies) All unregistered NBFCs are required to contact the CTR Cell, FIU-IND (011-24672138, ctrcell@fiuindia.gov.in) for any registration related queries. FIU-IND would delete the names of NBFCs once their registration process is completed and the list would be revised monthly.
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Reading Time: 9 minutes Long Term Capital Gains taxation CBDT issues FAQs Under the existing regime, long term capital gains arising from the transfer of long term capital assets, being equity shares of a company or a unit of equity oriented fund or a unit of a business trust is exempt from income-tax under clause (38) of section 10
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Reading Time: < 1 minute Central Board Of Direct Taxes notifies rules in respect of Country-by-Country reporting & furnishing of Master File, CBDT had invite Comments & suggestions on proposal to insert rules 10DA/10DB& Form nos.3CEBA to 3CEBE in the Income-tax Rules,1962. After consideration of the Committee’s recommendations & comments/ suggestions received from stakeholders/general public, CBDT notified the Rules. This
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Reading Time: < 1 minute In a move to Providing relief to Tax consultants Income Tax Department has Extended Due Date for Tax Audit and ITR filling for Financial Year 2016-17 upto 7th November 2017 , Most of consultants were demanding Extension for Tax Audit and ITR Filling from last Date because Due Date both GSTR-2 for July 2017 and
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Reading Time: 4 minutes Procedure for conduct of Assessment Proceedings electronically in time barring scrutiny cases
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