Report High Value Transactions
Rule 114E of the Income Tax Rules , 1962 lays down the rules for provisions for registration and submission of Statement of Financial Transactions(SFT) as per Section 285BA of the Income Tax Act, 1961.
Assessees who are liable to Tax Audit are required to file SFT with Income Tax Department by 31st May 2017. This statement is required to be filed in respect of sale or purchase, by any person, of goods and services of any nature for an amount exceeding Rs Two Lakh Rupees per transaction.
This statement is to be filed online after login into ITDREIN. Failure to comply these provisions will attract penalty of Rs 50,000.