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TMI BlogStatement of Financial Transaction or Reportable Account (SFTRA) - Section 285BAX X X X Extracts X X X X X X X X Extracts X X X X ..... ct, 1988; or The Post Master; or The collector referred to in the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013; or The recognized stock exchange; or An officer of the Reserve Bank of India; or A depository referred to in the Depositories Act, 1996; or A prescribed reporting financial institution, Who is responsible for registering, or, maintaining books of account or other document containing a record of any specified financial transaction or any reportable account as may be prescribed under any law for the time being in force, shall furnish a statement in respect of such specified financial transaction or such reportable account which is registered or recorded or maintained by h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e under rule 114E(2), shall be furnished on or before the 31st day of January, 2017. [ Rule 144E(5) of Income Tax Rules] The Information relating to capital gain on transfer of Listing securities or units of Mutual Fund The statement of financial transactions relating to Financial Year 2020-21 shall be furnished on or before the 31st May 2021. Thereafter, the statement of financial transactions relating to the quarter ending 30th June, 31st September, 31st December and 31st March shall be furnished on or before 25th of July, October, January and April respectively. [ Notification No. 4 of 2021 Dated 30.04.2021 ] 3. Meaning of specified financial transactions [ Section 285BA(3) ] For the purposes of section 285BA(1), specified financial tran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uired to furnish a statement under Section 285BA(1) has not furnished the same within the specified time, the prescribed income-tax authority may serve upon such person a notice requiring him to furnish such statement within a period not exceeding thirty days from the date of service of such notice and he shall furnish the statement within the time specified in the notice. 6. Person to correct the information on discovery of inaccuracy in the information provided in the statement [ Section 285BA(6) ] If any person, having furnished a statement under Section 285BA(1), or in pursuance of a notice issued under Section 285BA(5), comes to know or discovers any inaccuracy in the information provided in the statement, he shall within a period of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the limit for deposit of Cash without PAN and Issues Direction to banks for Submission of information for deposit of cash in excess of specified limit for the period from 9.11.2016 to 30.12.2016. [ Notification No. 104/2016 Dated 15.11.2016 ] Jurisdiction of Income tax authority for the purpose of section 285BA. [ Notification No. 19/2019 Dated 13.03.2019 ] Consequences of Failure or inaccurate information furnished in statement of SFTRA Penalty for failure to furnish Statement of Financial Transaction or Reportable Account - Section 271FA Penalty for furnishing inaccurate Statement of Financial Transaction or Reportable Account - Section 271FAA - Manuals - Ready reckoner - Law and practice - Reference Guide - Quick Commentary Tax Manag ..... X X X X Extracts X X X X X X X X Extracts X X X X
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