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What is statement of financial transaction or reportable account (previously called as 'Annual Information Return? ​​​

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What is statement of financial transaction or reportable account (previously called as 'Annual Information Return? ​​​
posted Jun 20, 2017 by Purabi Sarkar

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To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the new concept of furnishing of “Statement of financial Transactions” in Form No 61A (previously called as ‘Annual Information Return (AIR)’. With the help of the statement the tax authorities will collect information on certain prescribed high value transactions undertaken by a person during the year.
Basic Provisions:
Statement of ‘high value financial transactions‘ is required to be furnished under section 285BA of the Income-tax Act, 1961 by ‘specified persons‘ in respect of ‘specified transactions‘ registered or recorded by them during the financial year.
The ‘specified persons’ and the ‘specified transactions’ are listed in new Rule 114E of the Income-tax Rules, 1962.
New Rule 114E of the income tax rules requires all assessees liable for tax audit u/s 44AB will have to file statement of financial transactions in Form 61A, in case of receipt of cash payment exceeding of Rs. 2,00,000/- for sale of goods/services of any nature.

answer Jun 21, 2017 by Amrita
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