Statement of Financial Transactions reporting required: electronic filing triggers compliance obligations and penalties for non furnishing or inaccuracies. Section 285BA requires prescribed persons who register or maintain records of specified financial transactions or reportable accounts to furnish an SFTRA, generally electronically in Form 61A, for transactions recorded on or after the notified date. Rules set the scope of specified transactions, filing periodicity and deadlines, and permit limited alternative media for certain officers. The income tax authority may call for rectification of defective statements or issue notices to compel filing; undisclosed inaccuracies must be corrected within prescribed time, and statutory penalties apply for non furnishing or inaccurate reporting.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Statement of Financial Transactions reporting required: electronic filing triggers compliance obligations and penalties for non furnishing or inaccuracies.
Section 285BA requires prescribed persons who register or maintain records of specified financial transactions or reportable accounts to furnish an SFTRA, generally electronically in Form 61A, for transactions recorded on or after the notified date. Rules set the scope of specified transactions, filing periodicity and deadlines, and permit limited alternative media for certain officers. The income tax authority may call for rectification of defective statements or issue notices to compel filing; undisclosed inaccuracies must be corrected within prescribed time, and statutory penalties apply for non furnishing or inaccurate reporting.
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