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of <h1>Finance Bill 2019: Expanded SFT Reporting, Lower Thresholds, and Stricter Penalties u/ss 285BA and 271FAA.</h1> The Finance Bill 2019 proposes to expand the scope of the Statement of Financial Transactions (SFT) under section 285BA of the Income Tax Act. This expansion mandates additional prescribed persons to furnish SFTs, removing the existing threshold of fifty thousand rupees for transaction reporting. The aim is to facilitate the pre-filling of income tax returns by including smaller transactions. Amendments also include stricter compliance measures, where failure to rectify defects in statements will be treated as furnishing inaccurate information. Penalty provisions under section 271FAA are also expanded to cover all reporting entities. These changes are effective from September 1, 2019.
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