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<h1>Entities Must Submit Financial Transaction Statements Under Section 285BA by May 31; Penalties for Non-compliance Apply.</h1> Section 285BA of the Income Tax Act, 1961 mandates certain entities, including government offices, local authorities, and financial institutions, to furnish a Statement of Financial Transaction or Reportable Account (SFTRA). This statement, detailing specified financial transactions, must be submitted electronically in Form No. 61A by May 31 following the financial year. If inaccuracies are discovered, corrections must be reported within ten days. The Central Government can issue rules regarding registration and information maintenance. Penalties apply for non-compliance or inaccuracies under Sections 271FA and 271FAA. Notifications detail specific reporting requirements and procedures.
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