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STATEMENT OF FINANCIAL TRANSACTION OR REPORTABLE ACCOUNT (SFTRA) FINANCE ACT 2014 (PREVIOUSLY CALLED ANNUAL INFORMATION RETURN)

Income Tax - Tax Liability in special Circumstances / Specific Cases - 23 - OBLIGATION TO FURNISH STATEMENT OF FINANCIAL TRANSACTION OR REPORTABLE ACCOUNT (SFTRA) (SUBSTITUTED BY FINANCE ACT, 2014) [Section:- 285BA] Any person, being- An assessee; or The prescribed person in the case of an office of Government; or A local authority or other public body or association; or The Registrar appointed under the Registration Act, 1908; or The registering authority empowered to register motor vehicles un .....

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specified financial transaction or any reportable account as may be prescribed under any law for the time being in force, shall furnish a statement in respect of such specified financial transaction or such reportable account which is registered or recorded or maintained by him and information relating to which is relevant and required for the purposes of this Act, to the income-tax authority or such other authority or agency as may be prescribed. The statement referred to in sub-section (1) sha .....

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y be prescribed: Provided that the Board may prescribe different values for different transactions in respect of different persons having regard to the nature of such transactions: Provided further that the value or, as the case may be, the aggregate value of such transactions during a financial year so prescribed shall not be less than fifty thousand rupees. Where the prescribed income-tax authority considers that the statement furnished under sub-section (1) is defective, he may intimate the d .....

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