What is section 285BA of Income Tax Act?

What is section 285BA of Income Tax Act?

Section 285BA authorizes 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.

What is SFT filing?

Statement of Financial Translations or SFT refers to information related to certain high-value transactions which specified persons are required to report to the income tax department. The SFT was earlier known as ‘Annual Information Return (AIR)’. The objective of SFT was to curb black money and widening the tax base.

Is it mandatory to file nil SFT return?

Conclusion : As per Section 285BA of Income Tax Act Read with Rule 114E of Income Tax Rules, Specified Persons having Specified financial transaction or reportable account shall furnish statement of financial transaction with Income Tax Authorities. Income Tax Act does not specifically mandate filing of nil SFT.

What is SFT 005 Time deposit in Form 26AS?

The SFT code 005 pertains to Time deposit maintained by you and the reporting threshold limit is Rs. 10 lacs under 1 or more Time deposits of the same person. The rule of aggregation of total deposits is applicable in respect of the deposits of the same person in same capacity and during the FY concerned.

What is SFT return?

What is SFT deposit?

What is the meaning of O in 26AS?

Overbooked in Simple layman language is ” person/company who deducted your TDS is paid less TDS amount with challan to government, but in return mentioned correct amount against your name”

What is SFT transaction limit?

Type of Transaction and limit Deposit totalling Rs 10 lakh or more in bank accounts, other than current or time deposit accounts, of a person. Receipt exceeding INR 10 lakhs in a year from an individual for acquiring such shares.

What is section 285ba of the Income Tax Act 1961?

Chapter XXIII (Sections 281 to 298) of the Income Tax Act 1961 deals with the provisions related to Miscellaneous. Section 285BA of IT Act 1961 provides for Obligation to furnish statement of financial transaction or reportable account.

What does 285ba stand for?

Section 285BA – Obligation to furnish statement of financial transaction or reportable account – Income-tax Act, 1961

What are the provisions of SEC 285ba and rule 114e?

The provisions of Sec 285BA and Rule 114E are applicable to the specified transactions required to be reported. Sec 285BA read with Rule 114E of the Income Tax Rules, 1962 specifies threshold limit, relating to the reporting entities, upon which the statement of financial transaction is required to be furnished in Form No. 61A.

What is section 194p of the Income Tax Act 1961?

Section 194P of Income Tax Act 1961 inserted by Finance Act 2021 and IT Rules 1962. Deduction of tax in…