Registration under section 285BA of Income Tax

[Aditya Dhanania]

Dear Sir

Whether it is mandatory to Generate ITDREIN as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962 to any person who is liable for audit under section 44AB of the Act, if there is no cash receipt above 2 Lakhs.

AI Summary

Obligation to furnish financial transaction statements: reporting persons must file specified-transaction reports; failure attracts notice, rectification and invalidation.
Section 285BA mandates that specified reporting persons who register or maintain records of financial transactions or reportable accounts must furnish statements to the income-tax authority in the prescribed form, period and manner. "Specified financial transaction" encompasses transactions in goods, property, services, works contracts, investments, expenditures and loans or deposits, subject to board-prescribed value thresholds. The authority may require rectification of defective statements, issue notices for non-filing, and treat unrectified statements as invalid; post-filing inaccuracies must be notified and corrected within the prescribed timeframe.