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Registration under section 285BA of Income Tax

Income Tax - Started By: - Vikash Dhanania - Dated:- 2-5-2017 Last Replied Date:- 14-5-2017 - 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. - Reply By Ravi Kumar - The Reply = Substitution of new section for section 285BA. 76. For section 285BA of the Income-tax Act, the following section .....

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r motor vehicles under Chapter IV of the Motor Vehicles Act, 1988 (59 of 1988) ; or (f) the Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898) ; or (g) the Collector referred to in clause (g) of section 3 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (30 of 2013) ; or (h) the recognised stock exchange referred to in clause (f) of section 2 of the Securities Contracts (Re .....

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ble 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. (2) The statement referred to in sub-section (1) shall be furnished for such period, within su .....

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rovided that the Board may prescribe different values for different transactions in respect of different persons having regard to the nature of such transaction: 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. (4) Where the prescribed income-tax authority considers that the statement furnished under sub-section (1) is defective, he may intimate the defect to the pe .....

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