SFT

Screenshot_2022-06-22-19-57-23-18_4251af1b5b11394b318ec35cda6368c8-fea005c5

What Are Consequences For Furnishing Inaccurate Statement Of Financial Transaction Or Reportable Account?

​​​​​​​​​If a prescribed reporting financial institution referred to in Section 285BA(1) who is required to furnish statement of financial transaction or reportable account, provides inaccurate information in the statement, and where: (a) the inaccuracy is due to a failure to comply with the due diligence requirement prescribed* under section 285BA(7) or is deliberate on the …

What Are Consequences For Furnishing Inaccurate Statement Of Financial Transaction Or Reportable Account? Read More »

Screenshot_2022-06-22-19-58-39-89_4251af1b5b11394b318ec35cda6368c8-2c7426b8

What Are Consequences Of Not Filing Statement Of Financial Transaction Or Reportable Account?

​​​​​​​​Non-furnishing of statement of financial transaction or reportable account will attract penalty under section 271FA. Penalty can be levied of Rs. 500 per day of default. However, section 285BA(5)​ (as discussed earlier) empower the tax authorities to issue a notice to the person directing him to file the statement within a period not exceeding 30 …

What Are Consequences Of Not Filing Statement Of Financial Transaction Or Reportable Account? Read More »

Screenshot_2022-06-22-19-58-19-81_4251af1b5b11394b318ec35cda6368c8-8ced7f74

What is The Mode And Due Date For Filing Statement Of Financial Transaction Or Reportable Account?

​​​​The statement of financial transaction shall be furnished electronically (under digital signature) in Form No. 61A to the Director of Income-tax (Intelligence and Criminal Investigation) or the Joint Director of Income-tax (Intelligence and Criminal Investigation). However a Post Master General or a Registrar or an Inspector General may furnish Form No. 61A in a computer …

What is The Mode And Due Date For Filing Statement Of Financial Transaction Or Reportable Account? Read More »