10 High value transactions tracked by income tax (updated 13/08/2020)| SFT 285BA

10 High value transactions tracked by income tax (Updated 13/08/2020) – SPECIFIED FINANCIAL TRANSACTIONS 285BA

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Under the Annual Information Return (AIR) Scheme, which was introduced by w.e.f. 01-04-2004, specified entities were required to report notified transactions to Income Tax Department.

Section 285BA of the Income Tax Act was amended w.e.f. 01-04-2015, and it now requires specified persons to furnish Statement of Financial Transaction or reportable account.

· Rule 114D of Income Tax rules 1962, details of Form 60 are required to be reported in Form 61.

· Rule 114E mentions the nature and value of transactions that are required to be reported.

· Rules 114F, 114G, and 114H deal with due diligence procedure for identification and reporting of reportable accounts.

Source of Information

Official website of income tax: https://www.incometaxindia.gov.in/

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Видео 10 High value transactions tracked by income tax (updated 13/08/2020)| SFT 285BA канала GAUTAM THAKOR