New Delhi, May 26 (IANS) The Income Tax Administration on Friday said that entities/people who accept accustomed banknote aloft Rs 2 lakh in 2016-17 budgetary for auction of appurtenances and casework charge to book Account of Banking Transaction (SFT) in Anatomy 61A by May 31.
SFT includes advertisement of banknote receipts beyond Rs 2 lakh for auction of goods/services by reportable bodies that includes banks, companies arising shares/bonds/debentures/ alternate fund, registrar/sub-registrar of acreage or any added being accountable for ysis beneath area 44AB of the Income Tax Act.
It is binding to book Anatomy 61A for account of banking transaction (SFT) by reportable person.
The Income Tax Department’s description has fabricated it bright that it is not compulsatory to book Anatomy 61A for receipts beneath Rs 2 lakh banknote for the auction of appurtenances and services.
“Post Income Tax Department’s clarification, the abashing in the minds of assesses whether it was compulsatory to book Anatomy 61A alike in case of non-reportable affairs now stands addressed,” Amit Jindal, Director, Felix Advisory, told IANS.
“It has now been antiseptic that there is no charge to book anatomy 61A area there is no reportable transaction and thereby, alienated any approaching queries from tax administration apropos non-disclosure/ non filing,” he said.
The advertisement person/entity is appropriate to annals with the Income Tax Administration and accomplish Income Tax Administration Advertisement Entity Identification Number (ITDREIN).
The Income Tax Administration antiseptic that ITDREIN is binding alone back at atomic one of the transaction blazon is reportable. Also, a functionality “SFT Preliminary Response” has been provided on the e-filing aperture for the advertisement bodies to announce that a defined transaction blazon is not reportable for the year.
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