sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Direct Tax »
 Income tax alert! Non-filers of income tax return have 21 days to respond, says CBDT
 Taxman lists non-filers who carried out high-value transactions in FY19
  CBDT breather soon on past angel tax demands
 Why you should choose your tax saving options wisely
 CBDT breather soon on past angel tax demands
 Infosys-built system to cut tax return processing time to 24 hours by 2020
 Notification No. 04/2019-Central Board of Indirect Taxes and Customs
 Income tax exemption limit likely to be increased to Rs 5 lakh
 Bringing back the local in the national tax regime
 CBDT chief cautions I-T officials about direct tax collection growth rate
 No TDS for long-term property lease premium, says Mumbaiā€™s Income-tax Appellate Tribunal

CBDT issues clarification on furnishing statement of financial transactions
June, 03rd 2017

The Central Board of Direct Taxes (CBDT) on Friday issued a clarification on furnishing statements of financial transactions.

It said that Section 285BA of the Income Tax Act, 1961, requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962.

The due date for filing such SFT in Form 61A is May 31.

In case there are reportable transactions for the year, the reporting person/entity is required to register with the Income Tax Department and generate Income Tax Department Reporting Entity Identification Number (ITDREIN).

The same can be generated by logging-in to the e-filing website (https://incometaxindiaefiling.gov.in/) with the log in ID used for the purpose of filing the Income Tax Return of the reporting person / entity. Entity having PAN can take only PAN based ITDREIN.

Entity having TAN can generate an ITDREIN only when such TAN's Organisational PAN is not available.

The registration of reporting person (ITDREIN registration) is mandatory only when at least one of the Transaction Type is reportable.

A functionality "SFT Preliminary Response" has been provided on the e-Filing portal for the reporting persons to indicate that a specified transaction type is not reportable for the year.

Detailed procedure of ITDREIN registration and upload of Form 61A is available under the "Help" section and Form 61A utility and Schema are available under the download section of http://www.incometaxindiaefiling.gov.in and https://www.cleanmoney.gov.in.

Online filing of form 61A requires a valid class 2 or 3 digital signature certificate of person responsible for filing the same.

The general public can refer to the "DSC Management Utility" manual under the help section to know how to generate the signature file, attaching the XML with signature and uploading of XML with signature file in e-Filing portal, the CBDT said in its statement.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2019 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions