This document provides guidance to reporting persons on submitting statements of financial transactions (SFT) as required by Section 285BA of the Income Tax Act. It outlines:
1) The types of transactions that must be reported and the applicable reporting thresholds.
2) The procedure for registering with the Income Tax Department and submitting SFT forms, including downloading the necessary files from the e-filing website.
3) General guidelines for preparing SFT forms, including identifying reportable transactions and applying aggregation rules to determine reporting thresholds.
4) The required reporting format which differs based on the transaction type being person, account, or property transaction based. Reporting persons must submit separate SFT forms for each transaction type.
The document summarizes recent changes to India's foreign exchange laws as announced by the Reserve Bank of India in various circulars. Key changes include removing the USD 20 million limit for buyer's credit extended to foreign buyers for exports, liberalizing FDI limits in the insurance sector to 49% with certain conditions, enabling online reporting of foreign investment forms through the e-Biz portal, and dispensing with the requirement to declare software and certain goods exports in the Shipping Declaration Form. The document provides contact information for any clarifications on the foreign exchange law updates.
The document summarizes recent regulatory changes from the Securities and Exchange Board of India (SEBI) and Central Board of Direct Taxes (CBDT) in India. Specifically, it mentions that SEBI has introduced new regulations requiring the top 500 listed companies to disclose dividend distribution policies. It also notes that CBDT has revised income tax notice formats and clarified that interest paid by offshore banking units is not subject to tax deduction. Additionally, it outlines amendments made to the Delhi Value Added Tax Act, including allowing advance tax payment on certain imports and requiring electronic filing of returns.
This notification outlines new rules for the registration of foreign companies in India under the Companies Act, 2013. Some key points:
- It defines terms like "electronic mode", "fees", and "forms" for registration.
- Foreign companies must deliver details of directors and secretaries to the Registrar within 30 days of establishing a place of business in India.
- Financial statements must be prepared according to Schedule III of the Companies Act and additional documents like related party transactions must be attached.
- Accounts must be audited by a chartered accountant in India.
- An annual return must be filed within 60 days of the financial year end with details of places of business.
Latest Corporate Updates:
TAXATION
1. CBDT Notifies Tax Exemption to Startups from 'Rigour' of Section 56(2)(viib) of Income Tax Act
2. No TDS on Section 10(23DA) payment received by securitisation trust
3. No TDS on payment to payment systems company authorised by RBI
4. Furnishing Annual Information Return- Rules for registration, due diligence & information maintenance
5. CBDT Clarification on Threshold Limit of tax audit U/s. 44AB & 44AD
6. Amendment in Rule 114H of Income-tax Rules, 1962
7. Establishment of Fund of Funds for funding support to Start-ups
8. Cabinet approves Protocol amending the Agreement for avoidance of double taxation and prevention of fiscal evasion with Belgium
OTHERS
1. Premature Closure of PPF Account
SEBI
1. Consultation Paper on Amendments to SEBI (Portfolio Managers) Regulations, 1993 Pursuant to Introduction of Section 9A in The Income Tax Act, 1961
Newsletter on daily professional updates- 24/03/2020CA PRADEEP GOYAL
“Your mind is a powerful thing.
When you fill it with positive thoughts, your life will start to change.”
Here is your Daily dose of professional updates 24.03.2020, it contains all summary of all 20 GST non-tariff notifications, 2 circulars dated 23/03/200 issued by CBIC. Also contain various updates on Income Tax, Corporate Laws, RBI and others.
Overview on-procedure-for-setting-up-of-sez-unitAdmin SBS
This document provides an overview of the procedure for setting up a unit in a Special Economic Zone (SEZ) in India. It discusses what an SEZ is, how SEZs evolved in India, the administrative setup for SEZs, defines an SEZ unit, compares SEZs and units, outlines who can set up a unit, and details the 8 step procedure for setting up a unit including application submission, approval process, and post-approval requirements. It also addresses the validity, extension, and cancellation of the Letter of Approval (LOA) granted to SEZ units.
The document summarizes various announcements made by the Reserve Bank of India, Ministry of Corporate Affairs, tax authorities and Ministry of Finance between June 5-9, 2017 regarding the introduction of a Legal Entity Identifier system for OTC derivatives, revisions to rules for issuing rupee denominated bonds overseas, recording Pension Payment Order numbers in pensioner passbooks, new information technology regulations for non-banking financial companies, clarification on shares transferred to IEPF Authority, transactions not subject to securities transaction tax, extension of deadline for furnishing Form 16 to employees, and status of States passing the State GST Act.
This document summarizes the Foreign Investment Act of 1997 passed by the Federated States of Micronesia. The act establishes a new chapter on foreign investment that encourages foreign investment while protecting citizens' interests. It defines key terms like foreign investment and investor. It requires all foreign investors to obtain a Foreign Investment Permit and establishes a system to categorize economic sectors, with some sectors on a "National Red List" closed to foreign investment and others on an "National Amber List" subject to national regulation.
The document summarizes recent changes to India's foreign exchange laws as announced by the Reserve Bank of India in various circulars. Key changes include removing the USD 20 million limit for buyer's credit extended to foreign buyers for exports, liberalizing FDI limits in the insurance sector to 49% with certain conditions, enabling online reporting of foreign investment forms through the e-Biz portal, and dispensing with the requirement to declare software and certain goods exports in the Shipping Declaration Form. The document provides contact information for any clarifications on the foreign exchange law updates.
The document summarizes recent regulatory changes from the Securities and Exchange Board of India (SEBI) and Central Board of Direct Taxes (CBDT) in India. Specifically, it mentions that SEBI has introduced new regulations requiring the top 500 listed companies to disclose dividend distribution policies. It also notes that CBDT has revised income tax notice formats and clarified that interest paid by offshore banking units is not subject to tax deduction. Additionally, it outlines amendments made to the Delhi Value Added Tax Act, including allowing advance tax payment on certain imports and requiring electronic filing of returns.
This notification outlines new rules for the registration of foreign companies in India under the Companies Act, 2013. Some key points:
- It defines terms like "electronic mode", "fees", and "forms" for registration.
- Foreign companies must deliver details of directors and secretaries to the Registrar within 30 days of establishing a place of business in India.
- Financial statements must be prepared according to Schedule III of the Companies Act and additional documents like related party transactions must be attached.
- Accounts must be audited by a chartered accountant in India.
- An annual return must be filed within 60 days of the financial year end with details of places of business.
Latest Corporate Updates:
TAXATION
1. CBDT Notifies Tax Exemption to Startups from 'Rigour' of Section 56(2)(viib) of Income Tax Act
2. No TDS on Section 10(23DA) payment received by securitisation trust
3. No TDS on payment to payment systems company authorised by RBI
4. Furnishing Annual Information Return- Rules for registration, due diligence & information maintenance
5. CBDT Clarification on Threshold Limit of tax audit U/s. 44AB & 44AD
6. Amendment in Rule 114H of Income-tax Rules, 1962
7. Establishment of Fund of Funds for funding support to Start-ups
8. Cabinet approves Protocol amending the Agreement for avoidance of double taxation and prevention of fiscal evasion with Belgium
OTHERS
1. Premature Closure of PPF Account
SEBI
1. Consultation Paper on Amendments to SEBI (Portfolio Managers) Regulations, 1993 Pursuant to Introduction of Section 9A in The Income Tax Act, 1961
Newsletter on daily professional updates- 24/03/2020CA PRADEEP GOYAL
“Your mind is a powerful thing.
When you fill it with positive thoughts, your life will start to change.”
Here is your Daily dose of professional updates 24.03.2020, it contains all summary of all 20 GST non-tariff notifications, 2 circulars dated 23/03/200 issued by CBIC. Also contain various updates on Income Tax, Corporate Laws, RBI and others.
Overview on-procedure-for-setting-up-of-sez-unitAdmin SBS
This document provides an overview of the procedure for setting up a unit in a Special Economic Zone (SEZ) in India. It discusses what an SEZ is, how SEZs evolved in India, the administrative setup for SEZs, defines an SEZ unit, compares SEZs and units, outlines who can set up a unit, and details the 8 step procedure for setting up a unit including application submission, approval process, and post-approval requirements. It also addresses the validity, extension, and cancellation of the Letter of Approval (LOA) granted to SEZ units.
The document summarizes various announcements made by the Reserve Bank of India, Ministry of Corporate Affairs, tax authorities and Ministry of Finance between June 5-9, 2017 regarding the introduction of a Legal Entity Identifier system for OTC derivatives, revisions to rules for issuing rupee denominated bonds overseas, recording Pension Payment Order numbers in pensioner passbooks, new information technology regulations for non-banking financial companies, clarification on shares transferred to IEPF Authority, transactions not subject to securities transaction tax, extension of deadline for furnishing Form 16 to employees, and status of States passing the State GST Act.
This document summarizes the Foreign Investment Act of 1997 passed by the Federated States of Micronesia. The act establishes a new chapter on foreign investment that encourages foreign investment while protecting citizens' interests. It defines key terms like foreign investment and investor. It requires all foreign investors to obtain a Foreign Investment Permit and establishes a system to categorize economic sectors, with some sectors on a "National Red List" closed to foreign investment and others on an "National Amber List" subject to national regulation.
This document is Mongolia's Law on Value-Added Tax from June 29, 2006. It outlines key definitions related to VAT, establishes who qualifies as a VAT taxpayer and how they are registered, specifies what goods, works and services are subject to VAT, and establishes procedures for imposing and calculating VAT rates. Key points include: VAT applies to imported/exported goods and domestic sales/services; taxpayers must register with tax authorities; a 10% VAT rate generally applies, but some items have a 0% rate or are exempt; taxable amounts are based on market prices; VAT is imposed when goods/services are sold, imported or exported.
Section 56(2) of Income-tax Act has created a flutter amongst taxpayers and tax professionals. The presentation deals with some of the important aspects of the same.
The document summarizes key changes between the old model GST law from November 2016 and the GST bill introduced in March 2017. Some key changes include:
1) The applicability of the act was extended to the whole of India except Jammu and Kashmir. Some provisions may be implemented at later dates.
2) Definitions were aligned and some were deleted or added, such as for central goods and services tax act, continuous journey, and intermediary.
3) The tax under the Integrated Goods and Services Act will be called the "integrated tax".
Indian Companies Act 2013 - Chapter 1: Specification of definitions detailsBold Kiln
Law governing formation, functions and all other details pertaining to different types of companies in India. Passed in 2013. Indian Companies Act 2013 - Chapter 1
This document outlines regulations from the Insolvency and Bankruptcy Board of India regarding voluntary liquidation of corporate persons. It discusses the initiation of voluntary liquidation through declarations and resolutions, the effect on corporate status, eligibility and remuneration of liquidators, and key powers and functions of liquidators such as maintaining books and registers, preparing reports, and appointing professionals. The purpose is to provide a framework for orderly voluntary liquidation of corporate persons under the Insolvency and Bankruptcy Code of India.
The new Companies Law 2013 (India) - Chapter 11: Appointment and Qualificatio...Bold Kiln
This notification outlines new rules related to the appointment and qualifications of directors of companies in India as per the Companies Act of 2013. Some key points include:
- It defines terms like Director Identification Number (DIN), independent director, and small shareholders' director.
- It requires certain classes of listed and large unlisted public companies to appoint at least one woman director.
- It specifies the qualifications required for independent directors and the process for creating and maintaining a databank of individuals willing to serve as independent directors.
- It provides rules for the appointment, tenure and qualifications of a small shareholders' director.
- It details the process for applying for and obtaining a DIN, including the required
Tax Bulletin Draft Notification on POEM - Section 115JH of the ActVispi T. Patel
The CBDT has issued a Draft Notification issued on June 15, 2017 for exception, modification and adaptation in respect of a foreign company said to be resident in India due to its place of effective management (POEM) being in India, under Section 115JH of the Income-tax Act, 1961.
RBI permits foreign venture capital investors to invest in startupsKunal Gandhi
This document contains amendments made to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 by the Reserve Bank of India. The key amendments include inserting new definitions for Category I Alternative Investment Fund and startup, substituting provisions related to investment by registered Foreign Venture Capital Investors, and substituting Schedule 6 which outlines the terms of investment by registered Foreign Venture Capital Investors. The amendments allow Foreign Venture Capital Investors greater flexibility in investing in startups and Category I Alternative Investment Funds in India.
Any Person appointed by the Taxable Person to assist him in fulfilling his Tax
obligations.
44. Tax Agent: Any Person licensed by the Authority to represent Taxable Persons before it.
45. Tax Representative: Any Person appointed by a Non-Resident Person to fulfill his Tax
obligations in the Kingdom.
46. Tax Period: The period for which the Tax Return is filed and the Tax is paid.
47. Standard Rate: The standard rate of Tax imposed on Taxable Supplies.
48. Zero Rate: The rate of zero percent (0%) imposed on certain Taxable Supplies.
49. Tax Invoice: The document issued by the Taxable Person to the
Taxmann's Direct Taxes Manual (Set of 3 Volumes) - 2021Taxmann
Taxmann’s Direct Taxes Manual is a compilation of annotated, amended and updated:
• Income-tax Act, 1961
• Income-tax Rules, 1962
• Circulars & Notifications
• Allied Laws
• Law Lexicon
• Gist of Landmark Rulings
The Present Publication is the 51st Edition, comes in a set of 3 volumes, that incorporates all changes made by the following:
• Volume 1 – The Finance Act, 2021 & the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Volume 2 – The Income-tax (Eighth Amendment) Rules, 2021
• Volume 3 – Law stated is amended up to 1st March, 2021
Taxmann’s Direct Taxes Manual incorporates the following noteworthy features:
• [Bestseller Series] Taxmann's series of Bestseller Books for more than Five Decades
• [Zero Error] Follows the six-sigma approach, to achieve the benchmark of 'zero error'
Published in three volumes:
○ Volume 1 incorporates the Income-tax Act, 1961 as amended by the Finance Act, 2021 & Taxation & Other Laws (Relaxation & Amendment of Certain Provisions) Act, 2020. It also contains other Allied Acts
○ Volume 2 incorporates the Income-tax Rules as amended by the Income-tax (Eighth Amendment) Rules, 2021. It also incorporates New Return Forms & Revised Rules and Forms along-with New Rules relating to Charitable Trusts. It also contains other Allied Rules
○ Volume 3 incorporates the following:
• [Schemes] All schemes relevant under the Income-tax Act, 1961
• [Words & Phrases] as defined by various Courts and Tribunals
• [Circulars, Clarifications & Notifications | 1961 – February 2021] Gist of all Circulars and Notifications which are in force
• [Case Laws | 1922 – February 2021] Digest of all landmark rulings by the Apex Court, High Courts & Tribunals
• [Models & Drafts] Specimen, models, and drafts of deeds, letters such as indemnity bond, reply to notices, etc.
Understanding the Recent Developments in taxation of charitable & religious t...Taxmann
OVERVIEW OF NEW SCHEME OF REGISTRATION.
1. Under the existing law, NGOs are required to get registered under section 12A/12AA or to obtain approval under
section 10(23) to claim various exemptions and under Section, 80G to provide deductions to donors.
2. The Finance Act 2020 has introduced substantial changes to the provisions of registration of NGOs. A new section 12AB replaces the existing section 12AA. Similar amendments have been made to section 10(23C) and Section 80G. These changes are effective from 1st June 2020.
3. Registration and approvals of NGOs shall be completely electronic under which a unique registration number (URN) shall be issued to all new and existing charity institutions.
4. NGOs registered prior to 01-06-2020 are required to make an application again under a new scheme of registration.
5. The concept of the perpetuity of registration is withdrawn under the new scheme. The registration under a new scheme
shall be valid for a specified period, that is, up to 3 years for provisional cases and a maximum period of 5 years for
final registration.
6. Registration is required to be renewed every 5 years.
Concept of provisional registration introduced for new charity institutions that are yet to start their charitable activities.
Circulars issued by IBBI under Insolvency and Bankruptcy Code 2016CA PRADEEP GOYAL
Circulars issued by IBBI in exercise of powers under Clause (e) of sub-section (2) of Section 208 r/w/s 196 of IBC, 2016 regarding certain functions to be performed by every insolvency professional (in short “IP”) in such manner and subject to such conditions as specified therein.
[Updated till 15th April, 2020]
Draft rules for 16 chapters issued on september 7 2013 by mca(1)mystartupvakil.com
This document provides draft rules for 16 chapters of the Companies Act, 2013 that were issued by the Ministry of Corporate Affairs in India for public comment. It includes definitions for key terms related to companies, rules for incorporating a One Person Company, requirements for the subscriber or member of a One Person Company to nominate another person in case of incapacity, and rules regarding related parties. The draft rules aim to provide regulations and procedures for various provisions of the Companies Act, 2013.
Understanding the Impact of Finance Act, 2020 on the Taxation of ESOPsTaxmann
What all has been covered in this Presentation:-
1. About ESOPs
a. What are ESOPs?
b. How ESOPs Work?
c. Stages in ESOPS
2. Taxation of ESOPs
a. Computation of Perquisite Value
b. Determination of Fair Market Value of Listed Shares
c. Determination of Fair Market Value of Un-Listed Shares
d. Deduction of Tax
3. Deferment of Tax
a. Amendments by the Finance Act, 2020
b. Meaning of Eligible Start-Up
c. Deferment of TDS under Section 192
d. Calculation of Tax to be Deferred
e. Consequences of Failure to Deduct Tax
f. Direct Payment of Tax by Employee
4. Taxation of ESOPs (Transfer of Share)
a. Computation of Capital Gains
5. Taxation of ESOPs - Summary
The Must-Read Analysis of Finance Act 2020, Straight from the Taxmann's Edito...Taxmann
The document summarizes changes made in the Finance Act, 2020 compared to the original Finance Bill, 2020 passed by the Lok Sabha. Key changes include:
1) Restricting relaxed residency rules for Indian citizens/PIOs visiting India to those with total income exceeding Rs. 15 lakhs.
2) Introducing a deemed residency provision for Indian citizens not liable to tax in any other country, but also restricting it to those with total income exceeding Rs. 15 lakhs.
3) Expanding the scope of equalization levy to include e-commerce supply/services by non-resident e-commerce operators, levying a 2% tax on such transactions. E-commerce operators
Corporate Update
SEBI
Acceptance of e-PAN card for KYC purpose
Specifications related to International Securities Identification Number (ISINs) for debt securities issued under the SEBI (Issue and Listing of Debt Securities) Regulations, 2008
Clarification on monitoring of Interest/ Principal repayment and sharing of such information with Credit Rating Agencies by Debenture Trustees
Monitoring and Review of Ratings by Credit Rating Agencies (CRAs)
MCA
Ministry of Corporate Affairs issues a notification exempting every person or enterprise who is a party to a combination from giving notice within 30 days for a period of 5 years from the date of publication of the notification;
TAXATION
Rules related to Registration and Composition Scheme have been notified on 19th June, 2017& came into effect from 22nd June, 2017 in order to start the process of issue of Registration Certificate, called Goods and Services Tax Identification Number (GSTIN), to taxpayers already issued provisional ID for registration (PID) as well as to the new taxpayers.
Government imposes levy of 10% basic customs duty (BCD) on cellular mobile phone, specified parts thereof and certain electronic goods.
GSTN unveils excel template for to help taxpayers perform easy data entry offline before uploading on the GST portal; Excel template together with an offline tool will make uploading large numbers of invoices much easier and quick; Offline Tool to be unveiled on July 17, 2017.
Company Website:
www.acquisory.com
The document summarizes rules related to filing of returns under the CGST Act. It provides details about:
1) Filing of Form GSTR-1 by registered persons to furnish details of outward supplies. This includes invoice-wise details filed electronically by the 10th of the next month.
2) Filing of Form GSTR-2 by recipients to provide details of inward supplies added, corrected or deleted in Form GSTR-2A. This is to be filed electronically between the 11th and 15th day of the next month.
3) Filing of Form GSTR-3 as the monthly return combining details of outward and inward supplies to report tax liability. This is to be
The document summarizes the key aspects of Bahrain's Labour Law:
1. It defines workers and employers and outlines the scope of application of the law, exempting certain categories like government employees, domestic servants, and temporary or casual workers.
2. Foreign workers cannot be employed without a valid Work Permit and Work Card issued by the Ministry of Labour and Social Affairs, and foreign workers are subject to conditions like having a valid passport and residence permit.
3. The Minister of Labour and Social Affairs can cancel a foreign worker's Work Card if conditions are not met or their continued employment competes with national workers, subject to leaving indemnity being paid.
4. The Minister regulates Work Per
This document provides a summary of Albertus Conner's qualifications, including his objective, ability summary, employment history, education and training, licenses and certificates, honors and activities, and references. Conner has over 40 years of experience in construction management and trades. He is seeking employment utilizing his experience in areas like planning, estimating, scheduling, safety management, and layout. His background includes owning his own contracting business and working for various construction companies.
This document outlines the listing requirements for companies seeking to have their securities listed on the Zimbabwe Stock Exchange (ZSE). It includes sections on authority of the listings committee, sponsoring brokers, continuing obligations, listing conditions and procedures, financial information disclosure, related party transactions, and requirements for different types of companies such as mineral and property companies. The chairman's preface notes that the requirements have been extensively amended to reflect current international standards and market practice in Zimbabwe and abroad.
Carlie Minuk is a second year communications student at Mount Royal University who is passionate about her community and gaining experience in the sports, entertainment and not-for-profit sectors through roles like vice president of her youth group and an usher at the Scotiabank Saddledome. In her spare time, Carlie remains active in the Calgary Jewish community and uses her writing skills as a featured writer for The Jewish Free Press Calgary.
Mahmoud Abd El-basser lazam is an Egyptian technical office and quantity surveyor seeking new opportunities. He has over 10 years of experience managing electrical and instrumentation projects in power plants and manufacturing facilities in Egypt. He is skilled in project control, cost and schedule analysis, material reconciliation, and report preparation. Mahmoud holds a degree from the Institute of Computer and Information Systems and has experience with AutoCAD, Microsoft Office, and computer networking.
This document is Mongolia's Law on Value-Added Tax from June 29, 2006. It outlines key definitions related to VAT, establishes who qualifies as a VAT taxpayer and how they are registered, specifies what goods, works and services are subject to VAT, and establishes procedures for imposing and calculating VAT rates. Key points include: VAT applies to imported/exported goods and domestic sales/services; taxpayers must register with tax authorities; a 10% VAT rate generally applies, but some items have a 0% rate or are exempt; taxable amounts are based on market prices; VAT is imposed when goods/services are sold, imported or exported.
Section 56(2) of Income-tax Act has created a flutter amongst taxpayers and tax professionals. The presentation deals with some of the important aspects of the same.
The document summarizes key changes between the old model GST law from November 2016 and the GST bill introduced in March 2017. Some key changes include:
1) The applicability of the act was extended to the whole of India except Jammu and Kashmir. Some provisions may be implemented at later dates.
2) Definitions were aligned and some were deleted or added, such as for central goods and services tax act, continuous journey, and intermediary.
3) The tax under the Integrated Goods and Services Act will be called the "integrated tax".
Indian Companies Act 2013 - Chapter 1: Specification of definitions detailsBold Kiln
Law governing formation, functions and all other details pertaining to different types of companies in India. Passed in 2013. Indian Companies Act 2013 - Chapter 1
This document outlines regulations from the Insolvency and Bankruptcy Board of India regarding voluntary liquidation of corporate persons. It discusses the initiation of voluntary liquidation through declarations and resolutions, the effect on corporate status, eligibility and remuneration of liquidators, and key powers and functions of liquidators such as maintaining books and registers, preparing reports, and appointing professionals. The purpose is to provide a framework for orderly voluntary liquidation of corporate persons under the Insolvency and Bankruptcy Code of India.
The new Companies Law 2013 (India) - Chapter 11: Appointment and Qualificatio...Bold Kiln
This notification outlines new rules related to the appointment and qualifications of directors of companies in India as per the Companies Act of 2013. Some key points include:
- It defines terms like Director Identification Number (DIN), independent director, and small shareholders' director.
- It requires certain classes of listed and large unlisted public companies to appoint at least one woman director.
- It specifies the qualifications required for independent directors and the process for creating and maintaining a databank of individuals willing to serve as independent directors.
- It provides rules for the appointment, tenure and qualifications of a small shareholders' director.
- It details the process for applying for and obtaining a DIN, including the required
Tax Bulletin Draft Notification on POEM - Section 115JH of the ActVispi T. Patel
The CBDT has issued a Draft Notification issued on June 15, 2017 for exception, modification and adaptation in respect of a foreign company said to be resident in India due to its place of effective management (POEM) being in India, under Section 115JH of the Income-tax Act, 1961.
RBI permits foreign venture capital investors to invest in startupsKunal Gandhi
This document contains amendments made to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 by the Reserve Bank of India. The key amendments include inserting new definitions for Category I Alternative Investment Fund and startup, substituting provisions related to investment by registered Foreign Venture Capital Investors, and substituting Schedule 6 which outlines the terms of investment by registered Foreign Venture Capital Investors. The amendments allow Foreign Venture Capital Investors greater flexibility in investing in startups and Category I Alternative Investment Funds in India.
Any Person appointed by the Taxable Person to assist him in fulfilling his Tax
obligations.
44. Tax Agent: Any Person licensed by the Authority to represent Taxable Persons before it.
45. Tax Representative: Any Person appointed by a Non-Resident Person to fulfill his Tax
obligations in the Kingdom.
46. Tax Period: The period for which the Tax Return is filed and the Tax is paid.
47. Standard Rate: The standard rate of Tax imposed on Taxable Supplies.
48. Zero Rate: The rate of zero percent (0%) imposed on certain Taxable Supplies.
49. Tax Invoice: The document issued by the Taxable Person to the
Taxmann's Direct Taxes Manual (Set of 3 Volumes) - 2021Taxmann
Taxmann’s Direct Taxes Manual is a compilation of annotated, amended and updated:
• Income-tax Act, 1961
• Income-tax Rules, 1962
• Circulars & Notifications
• Allied Laws
• Law Lexicon
• Gist of Landmark Rulings
The Present Publication is the 51st Edition, comes in a set of 3 volumes, that incorporates all changes made by the following:
• Volume 1 – The Finance Act, 2021 & the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Volume 2 – The Income-tax (Eighth Amendment) Rules, 2021
• Volume 3 – Law stated is amended up to 1st March, 2021
Taxmann’s Direct Taxes Manual incorporates the following noteworthy features:
• [Bestseller Series] Taxmann's series of Bestseller Books for more than Five Decades
• [Zero Error] Follows the six-sigma approach, to achieve the benchmark of 'zero error'
Published in three volumes:
○ Volume 1 incorporates the Income-tax Act, 1961 as amended by the Finance Act, 2021 & Taxation & Other Laws (Relaxation & Amendment of Certain Provisions) Act, 2020. It also contains other Allied Acts
○ Volume 2 incorporates the Income-tax Rules as amended by the Income-tax (Eighth Amendment) Rules, 2021. It also incorporates New Return Forms & Revised Rules and Forms along-with New Rules relating to Charitable Trusts. It also contains other Allied Rules
○ Volume 3 incorporates the following:
• [Schemes] All schemes relevant under the Income-tax Act, 1961
• [Words & Phrases] as defined by various Courts and Tribunals
• [Circulars, Clarifications & Notifications | 1961 – February 2021] Gist of all Circulars and Notifications which are in force
• [Case Laws | 1922 – February 2021] Digest of all landmark rulings by the Apex Court, High Courts & Tribunals
• [Models & Drafts] Specimen, models, and drafts of deeds, letters such as indemnity bond, reply to notices, etc.
Understanding the Recent Developments in taxation of charitable & religious t...Taxmann
OVERVIEW OF NEW SCHEME OF REGISTRATION.
1. Under the existing law, NGOs are required to get registered under section 12A/12AA or to obtain approval under
section 10(23) to claim various exemptions and under Section, 80G to provide deductions to donors.
2. The Finance Act 2020 has introduced substantial changes to the provisions of registration of NGOs. A new section 12AB replaces the existing section 12AA. Similar amendments have been made to section 10(23C) and Section 80G. These changes are effective from 1st June 2020.
3. Registration and approvals of NGOs shall be completely electronic under which a unique registration number (URN) shall be issued to all new and existing charity institutions.
4. NGOs registered prior to 01-06-2020 are required to make an application again under a new scheme of registration.
5. The concept of the perpetuity of registration is withdrawn under the new scheme. The registration under a new scheme
shall be valid for a specified period, that is, up to 3 years for provisional cases and a maximum period of 5 years for
final registration.
6. Registration is required to be renewed every 5 years.
Concept of provisional registration introduced for new charity institutions that are yet to start their charitable activities.
Circulars issued by IBBI under Insolvency and Bankruptcy Code 2016CA PRADEEP GOYAL
Circulars issued by IBBI in exercise of powers under Clause (e) of sub-section (2) of Section 208 r/w/s 196 of IBC, 2016 regarding certain functions to be performed by every insolvency professional (in short “IP”) in such manner and subject to such conditions as specified therein.
[Updated till 15th April, 2020]
Draft rules for 16 chapters issued on september 7 2013 by mca(1)mystartupvakil.com
This document provides draft rules for 16 chapters of the Companies Act, 2013 that were issued by the Ministry of Corporate Affairs in India for public comment. It includes definitions for key terms related to companies, rules for incorporating a One Person Company, requirements for the subscriber or member of a One Person Company to nominate another person in case of incapacity, and rules regarding related parties. The draft rules aim to provide regulations and procedures for various provisions of the Companies Act, 2013.
Understanding the Impact of Finance Act, 2020 on the Taxation of ESOPsTaxmann
What all has been covered in this Presentation:-
1. About ESOPs
a. What are ESOPs?
b. How ESOPs Work?
c. Stages in ESOPS
2. Taxation of ESOPs
a. Computation of Perquisite Value
b. Determination of Fair Market Value of Listed Shares
c. Determination of Fair Market Value of Un-Listed Shares
d. Deduction of Tax
3. Deferment of Tax
a. Amendments by the Finance Act, 2020
b. Meaning of Eligible Start-Up
c. Deferment of TDS under Section 192
d. Calculation of Tax to be Deferred
e. Consequences of Failure to Deduct Tax
f. Direct Payment of Tax by Employee
4. Taxation of ESOPs (Transfer of Share)
a. Computation of Capital Gains
5. Taxation of ESOPs - Summary
The Must-Read Analysis of Finance Act 2020, Straight from the Taxmann's Edito...Taxmann
The document summarizes changes made in the Finance Act, 2020 compared to the original Finance Bill, 2020 passed by the Lok Sabha. Key changes include:
1) Restricting relaxed residency rules for Indian citizens/PIOs visiting India to those with total income exceeding Rs. 15 lakhs.
2) Introducing a deemed residency provision for Indian citizens not liable to tax in any other country, but also restricting it to those with total income exceeding Rs. 15 lakhs.
3) Expanding the scope of equalization levy to include e-commerce supply/services by non-resident e-commerce operators, levying a 2% tax on such transactions. E-commerce operators
Corporate Update
SEBI
Acceptance of e-PAN card for KYC purpose
Specifications related to International Securities Identification Number (ISINs) for debt securities issued under the SEBI (Issue and Listing of Debt Securities) Regulations, 2008
Clarification on monitoring of Interest/ Principal repayment and sharing of such information with Credit Rating Agencies by Debenture Trustees
Monitoring and Review of Ratings by Credit Rating Agencies (CRAs)
MCA
Ministry of Corporate Affairs issues a notification exempting every person or enterprise who is a party to a combination from giving notice within 30 days for a period of 5 years from the date of publication of the notification;
TAXATION
Rules related to Registration and Composition Scheme have been notified on 19th June, 2017& came into effect from 22nd June, 2017 in order to start the process of issue of Registration Certificate, called Goods and Services Tax Identification Number (GSTIN), to taxpayers already issued provisional ID for registration (PID) as well as to the new taxpayers.
Government imposes levy of 10% basic customs duty (BCD) on cellular mobile phone, specified parts thereof and certain electronic goods.
GSTN unveils excel template for to help taxpayers perform easy data entry offline before uploading on the GST portal; Excel template together with an offline tool will make uploading large numbers of invoices much easier and quick; Offline Tool to be unveiled on July 17, 2017.
Company Website:
www.acquisory.com
The document summarizes rules related to filing of returns under the CGST Act. It provides details about:
1) Filing of Form GSTR-1 by registered persons to furnish details of outward supplies. This includes invoice-wise details filed electronically by the 10th of the next month.
2) Filing of Form GSTR-2 by recipients to provide details of inward supplies added, corrected or deleted in Form GSTR-2A. This is to be filed electronically between the 11th and 15th day of the next month.
3) Filing of Form GSTR-3 as the monthly return combining details of outward and inward supplies to report tax liability. This is to be
The document summarizes the key aspects of Bahrain's Labour Law:
1. It defines workers and employers and outlines the scope of application of the law, exempting certain categories like government employees, domestic servants, and temporary or casual workers.
2. Foreign workers cannot be employed without a valid Work Permit and Work Card issued by the Ministry of Labour and Social Affairs, and foreign workers are subject to conditions like having a valid passport and residence permit.
3. The Minister of Labour and Social Affairs can cancel a foreign worker's Work Card if conditions are not met or their continued employment competes with national workers, subject to leaving indemnity being paid.
4. The Minister regulates Work Per
This document provides a summary of Albertus Conner's qualifications, including his objective, ability summary, employment history, education and training, licenses and certificates, honors and activities, and references. Conner has over 40 years of experience in construction management and trades. He is seeking employment utilizing his experience in areas like planning, estimating, scheduling, safety management, and layout. His background includes owning his own contracting business and working for various construction companies.
This document outlines the listing requirements for companies seeking to have their securities listed on the Zimbabwe Stock Exchange (ZSE). It includes sections on authority of the listings committee, sponsoring brokers, continuing obligations, listing conditions and procedures, financial information disclosure, related party transactions, and requirements for different types of companies such as mineral and property companies. The chairman's preface notes that the requirements have been extensively amended to reflect current international standards and market practice in Zimbabwe and abroad.
Carlie Minuk is a second year communications student at Mount Royal University who is passionate about her community and gaining experience in the sports, entertainment and not-for-profit sectors through roles like vice president of her youth group and an usher at the Scotiabank Saddledome. In her spare time, Carlie remains active in the Calgary Jewish community and uses her writing skills as a featured writer for The Jewish Free Press Calgary.
Mahmoud Abd El-basser lazam is an Egyptian technical office and quantity surveyor seeking new opportunities. He has over 10 years of experience managing electrical and instrumentation projects in power plants and manufacturing facilities in Egypt. He is skilled in project control, cost and schedule analysis, material reconciliation, and report preparation. Mahmoud holds a degree from the Institute of Computer and Information Systems and has experience with AutoCAD, Microsoft Office, and computer networking.
FInal MetLife Powerpoint Presentation[1]Daniel Gruen
This document describes a personal finance software program called PLF that helps users analyze and predict personal financial decisions. It uses market data to create demand, revenue, cost and profit functions. These functions are used to find the optimal price point that maximizes profit. The software represents demand as a quadratic function and assumes the product has a monopoly in the market. It graphs demand, revenue, cost and profit to determine the optimal price is $419.68, selling 666,000 units will result in maximum profit of $34.3 million. Sensitivity analysis shows a 1% lower demand decreases profit by $10k and a 2% higher cost decreases profit by $7.03 million.
Oriental Control Systems provides automation, communication, and security systems solutions to optimize clients' operations and reduce costs. They work with technology partners to deliver control systems for wellheads and electrical substations, as well as communication systems, information systems, and integrated security solutions. Their clients include the Ministry of Defense and Ministry of Education in Oman.
This is a simple basic recipe for a flour free Paleo bread. Simple and healthy ingredients, quick to prepare, and delicious in taste. Another 6 delicious recipe variations includes this 16 page eBook.
A survey of over 1,000 Americans found that most believe they are well-informed about energy sources and issues, but they significantly overestimate the contribution of renewables to the energy mix and are overly optimistic about their future growth. While most value energy choices for their societal impacts, they trust the solar industry most for information over other sources like oil, coal, and nuclear. Television news is the top information source, though perceptions vary by gender. Energy efficient technologies, solar, wind, and natural gas are seen as the most important future energy solutions.
Michael S. Atkins is seeking a professional position utilizing over 20 years of experience in warehouse operations, supply chain management, distribution, and administration. He has held several supervisory roles overseeing up to 40 employees and $450 million in inventory. Atkins has strong computer skills and proven abilities in communication, problem-solving, and customer service.
The document provides guidance on developing a social media strategy for the North Ranch Country Club Catering Department. It recommends creating consistent messaging across channels to build the brand and provide value to new and existing clients. Specific channels like Facebook, Twitter, Pinterest and Instagram are discussed, with tips on content, planning, and measuring return on investment. The overall goal is to humanize the brand and drive traffic to the website through daily engagement and sharing valuable industry information.
This document provides an overview of the Statement of Financial Transactions (SFT) required under Section 285BA of the Income Tax Act, 1961 and Rule 114E. It discusses that certain entities must file Form 61A to report specified financial transactions exceeding ₹200,000. The document lists 13 types of transactions that must be reported, the entities responsible for reporting them, and penalties for non-compliance. It is intended to help assess an entity's impact and compliance with SFT reporting requirements.
This notification outlines new rules related to the appointment and qualifications of directors of companies in India as per the Companies Act of 2013. Some key points include:
- It defines terms like Director Identification Number (DIN), independent director, and small shareholders' director.
- It requires certain classes of listed and large unlisted public companies to appoint at least one woman director.
- It specifies the qualifications required for independent directors and the process for maintaining a databank of individuals willing to serve as independent directors.
- It provides the process for small shareholders to elect a small shareholders' director to represent them on the board.
- It outlines the process for individuals to apply for and be allotted a
The recent move of the Indian government to demonetise the currency notes of Rs. 500 & Rs. 1000 denominations has resulted in a huge furore throughout India. It has thrown up a large number of tax related issues. Some of these are covered in this presentation that was prepared on 20th November.
Unravelling the income tax annual information returnAmeet Patel
The Annual Information Return that the income-tax department of India gets from various agencies contains a treasure trove of information for a tax officer to work upon. All tax payers should be aware of this and also of how the AIR affects their tax assessments. This presentation takes you through the AIR and also the reports of the Central Information Branch (CIB).
I have also dealt with the tax aspects of the recent demonetisation of Rs. 500 & Rs. 1,000 currency notes by the Govt of India.
New Reporting requirements under AIR Income Tax wef 1-4-2016sanjay gupta
1. New reporting requirements under Statement of Financial Transactions (SFT) come into effect from April 1, 2016, expanding the number of reportable transactions from 7 to 11.
2. Transactions above certain value thresholds in cash payments, deposits, purchases, sales, and other financial dealings must now be reported to tax authorities.
3. Various entities like banks, companies, mutual funds, authorized dealers, and individuals liable for tax audit must file SFT returns in the prescribed format electronically or physically by May 31 of the following financial year, and are subject to penalties for non-compliance.
Section 206AA – Rule 37BC
Central Board of Direct Taxes vide Notification No. 53/2016 dated 24.06.2016 has amended the Income Tax Rules, 1962 by inserting a new Rule 37BC through the IT (17th Amendment) Rules, 2016.
This document is the July 2016 issue of Tax Quest, an e-newsletter from K. Vaitheeswaran & Co. advocating tax law. It summarizes recent changes to international taxation, income tax, service tax, central excise, VAT, and CENVAT. For international taxation, it discusses relaxations to TDS for non-residents without PAN, the precedence of DTAAs over section 206AA, and new rules for foreign tax credit. For income tax, it covers the Income Declaration Scheme and recent circulars, as well as expansions to the scope of tax collection at source.
This document contains sections from Pakistan's Income Tax Ordinance relating to income tax returns, appeals, assessments, and definitions of taxable income. It discusses requirements for individuals and companies to file annual income tax returns under sections 114 and 115, including circumstances where returns are not required. Section 116 covers requirements to file annual wealth statements declaring assets and expenditures. The document is a study guide prepared by Nomi Bro in response to questions from Mr. Ateeq, and notes that it may contain errors as it was prepared by a student.
The new Companies Law 2013 (India) - Chapter 6: Registration of chargesBold Kiln
This notification provides rules related to the registration of charges under the Companies Act, 2013. Some key points:
- It establishes rules for registering the creation or modification of charges within 30 days in Form CHG-1 or CHG-9 along with fees. Late registration within 300 days requires additional fees.
- The Registrar can allow late registration between 30-300 days if sufficient cause is shown.
- Certificates of registration and modification will be issued in Forms CHG-2 and CHG-3 as evidence of complying with registration requirements.
- Other rules cover maintaining a register of charges, satisfaction of charges, appointment of receivers, and inspection of records.
This notification provides rules related to registration of charges under the Companies Act, 2013. Some key points:
- It establishes rules for registering the creation or modification of charges within 30 days along with required forms and fees. Additional fees are levied for later registration within 300 days.
- The register of charges will be maintained on the MCA portal and open for public inspection.
- Companies must register satisfaction of a charge within 30 days and the Registrar will issue certificates. Intimation must also be provided for appointment of receivers.
- Companies must maintain their own register of charges and make entries within 30 days of any creation, modification or satisfaction.
Apartment Management: Maharashtra Society Registration Rules 1971ADDA
Maharashtra Society Registration Rules 1971
ApartmentADDA is India's #1 Apartment Management and Apartment Accounting Software. All the best practices of State Bye-Laws are inbuilt in the product.
This document summarizes the key sections, rules, and provisions related to the composition scheme under the CGST Act. It notes that any registered person with an aggregate turnover not exceeding Rs. 75 lakh in the preceding year may opt to pay tax at prescribed rates under section 10. It outlines the conditions to opt for the scheme, the applicable tax rates, filing requirements including returns and payments, and rules regarding intimation and withdrawal from the scheme.
The document summarizes three recent announcements from the Central Board of Direct Taxes in India:
1. It relaxes the requirement to provide Unique Identification Numbers for tax forms from the last two quarters of 2015 due to operational constraints faced by stakeholders.
2. It seeks comments on draft rules and forms for determining fair market value of assets and reporting requirements related to the taxation of indirect transfers of Indian assets under section 9(1) of the Income Tax Act.
3. It notifies the formation of a committee to examine applications made under Rule 10VA of the Income Tax Rules regarding the approval of funds for the purpose of section 9A.
NOTICE INVITING COMMENTS ON THE DRAFT COMPANIES (AUDITOR’S REPORT) ORDER, 2016GAURAV KR SHARMA
The document is a notice from the Ministry of Corporate Affairs in India inviting comments on the draft Companies (Auditor's Report) Order, 2016 by February 23, 2016. It summarizes that a committee was formed to examine matters to be included in auditor's reports under Section 143(11) of the Companies Act, 2013. The draft order has been placed online and public suggestions are invited. Stakeholders can submit comments along with their name, contact details and justification for each comment/suggestion.
The document provides updates on recent circulars, notifications, press releases, and clarifications issued by the Central Board of Direct Taxes and Ministry of Corporate Affairs related to key provisions under the Income Tax Act and Companies Act. These updates clarify tax treatment of various transactions, remove jurisdictions from the notified jurisdictional areas list, approve protocols amending double taxation avoidance agreements, and specify reporting requirements for certain transactions by companies. The document is intended to help keep professionals informed of the latest changes under tax and company laws in India.
Taxmann’s Income Tax Act covers the annotated text of the Income-tax Act, 1961, in the most authentic, amended & updated format.
The Present Publication is the 66th Edition & Updated till the following:
• The Finance Act, 2021
• The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
The noteworthy features of the book are as follows:
• [Bestseller Series] Taxmann’s Bestseller Book for more than Five-Decades
•[Zero Error] Follows the Six Sigma Approach to achieve the Benchmark of ‘Zero Error’
• [Legislative History of Amendments], since 1961
• [Relevant provisions of all other allied laws] referred to in the Income-tax Act
• Comprehensive Table of Contents
• [Quick Navigation] Relevant Section Numbers are printed in Folios for Quick Navigation
• Annotation under each section shows:
○ Relevant Rules & Forms
○ Relevant Circulars & Notifications
○ Date of enforcement of provisions
○ Allied Laws referred to in the Section
• The contents of the book are as follows:
○ Division One – Income-tax Act, 1961
• Arrangement of Sections
• Text of the Income-tax Act, 1961 as amended by the Finance Act, 2021 and Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Appendix: Text of provisions of Allied Acts/Circulars/Regulations referred to in Income-tax Act
• Subject Index
○ Division Two – Finance Act, 2021 & Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Text of the Finance Act, 2021
• Text of the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Notifications issued under Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
• Also available in Taxmann’s Virtual Book Format (An e-Book Initiative for un-interrupted reading experience).
• Now Claim 10% Cashback (when you purchase Taxmann’s Income Tax Act), Redeemable at Taxmann’s Online Bookstore.
This circular from the Government of India's Ministry of Finance provides guidance on tax deduction at source from salaries during the financial year 2021-22 under Section 192 of the Income Tax Act of 1961.
It defines key terms like salary, perquisites and profit in lieu of salary. It outlines the applicable income tax rates and surcharges. It provides details on calculating average income tax, tax deductions for multiple employments, tax relief for arrears/advances, and information to be provided regarding other income heads.
It specifies the responsibilities and procedures for deducting tax, depositing deducted amounts, issuing certificates, and furnishing statements. It also covers computation of income under the head 'Salaries' including exemptions
This document summarizes key sections of the GST law regarding input tax credit (ITC). It provides an overview of sections 16-21 which govern ITC eligibility, conditions for claiming ITC, blocked credits, and special circumstances. The summary covers concepts like eligible inputs/capital goods, tax invoices, payment to suppliers, reversals, ITC attribution, and distribution by Input Service Distributors. It also defines important terms and summarizes rules regarding ITC claims, reversals, and transfers.
This document contains rules related to the acceptance of deposits by companies in India as per the Companies Act, 2013. Some key points:
- It defines various terms related to deposits such as eligible company, deposit, depositor etc. and specifies the types of amounts that are not considered deposits.
- It sets rules for companies regarding the terms and conditions of accepting deposits such as minimum and maximum maturity periods, limits on amounts that can be accepted from members vs others.
- It specifies the form and particulars of advertisements or circulars that must be issued when inviting deposits, including issuing to all members, publishing, uploading online, getting registered with the registrar etc.
- It provides details on joint deposits
CBDT has notified cost inflation index (CII) for FY 2017-18 with new base yea...Karan Puri
CBDT has notified cost inflation index (CII) of 272 for FY 2017-18. Further, CII for FY 2001-02 to FY 2017-18 have also been specified with new base year as FY 2001-02 pursuant to amendment to base year as made by Finance Act 2017. Notification shall come into force with effect from 1st April, 2018 and shall accordingly apply to the AY 2018-19 and subsequent years.
Public Notice for immediate compliance re renewal of registration of NGOs under Foreign Contribution (Regulation) Act, 2010. Visit: www.fcraonline.nic.in
The document outlines draft rules for the Income Tax Appellate Tribunal in India. It defines key terms related to appeals, applications, benches, members, registrars and more. It also describes the powers and duties of registrars, deputy registrars and assistant registrars in receiving, processing and managing appeals, applications and records on behalf of the Tribunal.
CBDT releases draft rules prescribing method of valuation of unquoted equity shares for the purpose of Sections 56(2)(x) and 50CA; CBDT invites comments and suggestions from stakeholders by May 19. Copy of Notification and draft rules are attached. Valuation of unquoted equity shares are to be calculated as per draft rules by taking into account the FMV of jewellery, artistic work, shares & securities and stamp duty value in case of immovable property and book value for the rest of the assets . As per existing 11UA rule the book value (and not the FMV / stamp duty value) is taken into consideration for determining the value of such shares.
CBDT releases draft rules prescribing method of valuation of unquoted equity shares for the purpose of Sections 56(2)(x) and 50CA; CBDT invites comments and suggestions from stakeholders by May 19. Copy of Notification and draft rules are attached. Valuation of unquoted equity shares are to be calculated as per draft rules by taking into account the FMV of jewellery, artistic work, shares & securities and stamp duty value in case of immovable property and book value for the rest of the assets . As per existing 11UA rule the book value (and not the FMV / stamp duty value) is taken into consideration for determining the value of such shares.
Clarification on removal of Cyprus from the list of notified jurisdictional a...Karan Puri
CBDT has clarified - removal of Cyprus from list of notified jurisdictional areas u/s 94A is w.e.f. 1 Nov 2013 i.e. the date of issue of Notification No. 86 of 2013 which specified Cyprus as NJA. Puts to rest controversy as in certain cases Revenue took a view that rescission of 2013 Notification was not with retrospective effect from 1 Nov 2013.
This document provides guidance on accounting for derivative contracts in 3 sentences:
1) It establishes uniform accounting principles for accounting of derivative contracts consistent with international practices in the absence of authoritative Indian accounting standards on derivatives.
2) The guidance note covers recognition of derivatives at fair value on the balance sheet, hedge accounting principles, presentation and disclosure requirements in financial statements, and transitional provisions.
3) It aims to bring consistency in practice as diverse accounting methods were being used previously for derivatives resulting in lack of comparability of financial statements.
The document is the first newsletter from the Institute of Chartered Accountants of India (ICAI) on GST. It provides updates on GST-related events hosted by ICAI across India, key developments regarding GST legislation and rules, and articles on various aspects of GST such as valuation, composition levy, input tax credit, and the impact of GST on the textile industry. It also includes information on ICAI's GST-related publications, website, and upcoming events. The newsletter is intended to keep ICAI members and other stakeholders informed about developments related to the rollout of GST in India.
Budget 2017 takes Steps to discourage Cash transactions & curb Black MoneyKaran Puri
The document summarizes steps taken in the Budget 2017 to discourage cash transactions and curb black money in India. Key points include:
1) New sections 269ST and 271DA were introduced to restrict cash transactions over Rs. 2 lakhs and impose penalties for violations.
2) Capital expenditures over Rs. 10,000 and revenue expenditures over Rs. 10,000 made in cash will not be eligible for tax deductions or investment benefits.
3) The presumptive tax rate was reduced to 6% for small businesses receiving payments through digital modes to promote cashless transactions.
The document summarizes key changes made to GST bills introduced in the Lok Sabha. Some of the key points include:
- GST will not apply to the state of Jammu and Kashmir. Certain supplies by employers to employees up to Rs. 50,000 will also be exempt.
- Sale of land and existing buildings will not be considered supply of goods or services except for under-construction buildings.
- The upper limit of GST rates has been increased to 20% for CGST and 40% for IGST.
- Composition scheme has been expanded to the restaurant sector at 2.5% and reduced rates for manufacturers and traders.
The Finance Minister proposed various amendments to the Finance Bill 2017 that affect several laws including the Income Tax law. Over 30 amendments were proposed related to income tax, including excluding FIIs and FPIs from indirect transfer tax provisions and making Aadhaar mandatory for applying for PAN and filing tax returns. The amendments also proposed merging 7 tribunals and implementing uniform appointment rules.
This document contains proposed amendments to the Finance Bill 2017 from Shri Arun Jaitley. It lists 32 proposed amendments by clause number and provides the text of each proposed amendment. The amendments range from changes to sections of the Income Tax Act to the Customs Act, Securities Contracts Act, Depositories Act, and Companies Act.
The Reserve Bank of India issued Notification No. FEMA.385/2017-RB to amend the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000. The amendments allow a person or entity resident outside India, other than citizens of Pakistan or Bangladesh, to contribute foreign capital to an Indian limited liability partnership (LLP) through capital contribution or acquisition of profit shares, subject to certain terms and conditions. The notification substitutes Schedule 9 of the regulations to provide details on eligible investors, investments, eligible LLPs, pricing, mode of payment and reporting for foreign direct investment in LLPs.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
1. 1
DGIT(S)-ADG(S)-2/e-filing notification/106/2016
Government of India
Ministry of Finance
Central Board of Direct Taxes
Directorate of Income Tax (Systems)
Notification No. 1 of 2017
New Delhi, 17th
January, 2017
Procedure for registration and submission of statement of financial transactions
(SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax
Rules, 1962
Section 285BA of the Income Tax Act, 1961 (hereunder referred to as the “Act”) requires
specified reporting persons to furnish statement of financial transaction. Rule 114E of the
Income Tax Rules, 1962 (hereunder referred to as the “Rules”) specifies that the statement
of financial transaction required to be furnished under sub-section (1) of section 285BA of
the Act shall be furnished in Form No. 61A. The nature and value of transaction to be
furnished by the reporting person under Rule 114 E is enclosed as Annexure A.
2. As per sub rule (6)(a) of Rule 114E, every reporting person/entity shall communicate
to the Principal Director General of Income-tax (Systems) the name, designation, address
and telephone number of the Designated Director and the Principal Officer and obtain a
registration number. The procedure for registration for statement of financial transactions
(SFT) was specified in Notification No. 13 dated 30th December, 2016. The functionality for
submission of statement of financial transactions has now been enabled and the earlier
instruction is being updated.
3. As per sub rule (4)(a) of Rule 114E, the statement of financial transactions shall be
furnished through online transmission of electronic data to a server designated for this
purpose under the digital signature of the person specified in sub-rule (7) and in accordance
with the data structure specified in this regard by the Principal Director General of Income-
tax (Systems). The Post Master General or a Registrar or an Inspector General have the
option to furnish the statement in a computer readable media, being a Compact Disc or
Digital Video Disc (DVD), alongwith verification in Form-V on paper. The statement of
financial transactions shall be furnished on or before the 31st
May, immediately following the
financial year in which the transaction is registered or recorded. The statement of financial
transaction in respect of Cash deposits during the period 1st
April, 2016 to 8th
November,
2016 and 9th
November, 2016 to 30th
December, 2016 shall be furnished on or before the
31st
day of January, 2017.
2. 2
4. As per sub-rule (4)(b) of Rule 114E Principal Director General of Income-tax
(Systems) shall specify the procedures, data structures and standards for ensuring secure
capture and transmission of data, evolving and implementing appropriate security, archival
and retrieval policies.
5. In exercise of the powers delegated by Central Board of Direct Taxes (‘Board’) under
sub rule (4)(a) and (4)(b) of Rule 114E of the Income tax Rules 1962, the Principal Director
General of Income-tax (Systems) hereby lays down the following procedures:
a) Registration and Generation of Income Tax Department Reporting Entity
Identification Number (ITDREIN): The reporting person/entity is required to get
registered with the Income Tax Department by logging in to the e-filing website
(https://incometaxindiaefiling.gov.in/) with the log in ID used for the purpose of filing
the Income Tax Return of the reporting person/entity. A link to register reporting
person/entity has been provided under “My Account>Manage ITDREIN”. Once
ITDREIN is generated, the reporting person/entity will receive a confirmation e-mail
on the registered e-mail ID and SMS at registered mobile number. There will be no
option to de-activate ITDREIN, once ITDREIN is created.
b) Registration of designated director and principal officer: The reporting
person/entity will be required to submit the details of designated director and
principal officer. The designated director and principal officer will receive a
confirmation e-mail with an activation link. An SMS alongwith OTP (One time
Password) will also be sent to the registered Mobile Number. For completion of
registration, the designated director and principal officer should click on the
Activation link, enter the Mobile PIN (OTP), Password and Confirm Password and
click on Activate Button. On success, the registration will be complete.
c) Submission of Form 61A: Every reporting person/entity is required to submit the
Statement of Financial Transaction (SFT) in Form 61A. The prescribed schema for
Form 61A can be downloaded from the e-filing website home page under
“Schema” tab and a utility to prepare Form 61A XML file can be downloaded from
the e-filing website home page under forms (other than ITR) tab. General and
transaction specific guidelines for preparation of SFT in the specified format is
enclosed as Annexure B and Annexure C respectively. The designated director is
required to login to the e-filing website with the ITDREIN, PAN (of the designated
director) and password. The form is required to be submitted using a Digital
Signature Certificate of the designated director.
3.
4. 4
Annexure A
Nature and value of transactions to be reported under Rule 114E
Sl.
No.
Nature and value of transaction Class of person (reporting person)
(1) (2) (3)
1. (a) Payment made in cash for purchase of
bank drafts or pay orders or banker's
cheque of an amount aggregating to ten
lakh rupees or more in a financial year.
(b) Payments made in cash aggregating to
ten lakh rupees or more during the financial
year for purchase of pre-paid instruments
issued by Reserve Bank of India under
section 18 of the Payment and Settlement
Systems Act, 2007 (51 of 2007).
(c) Cash deposits or cash withdrawals
(including through bearer's cheque)
aggregating to fifty lakh rupees or more in
a financial year, in or from one or more
current account of a person.
A banking company or a co-operative
bank to which the Banking Regulation Act,
1949 (10 of 1949) applies (including any
bank or banking institution referred to in
section 51 of that Act).
2. Cash deposits aggregating to ten lakh
rupees or more in a financial year, in one
or more accounts (other than a current
account and time deposit) of a person.
(i) A banking company or a co-operative
bank to which the Banking Regulation Act,
1949 (10 of 1949) applies (including any
bank or banking institution referred to in
section 51 of that Act);
(ii) Post Master General as referred to in
clause (j) of section 2 of the Indian Post
Office Act, 1898 (6 of 1898).
3. One or more time deposits (other than a
time deposit made through renewal of
another time deposit) of a person
aggregating to ten lakh rupees or more in a
financial year of a person.
(i) A banking company or a co-operative
bank to which the Banking Regulation Act,
1949 (10 of 1949) applies (including any
bank or banking institution referred to in
section 51 of that Act);
(ii) Post Master General as referred to in
clause (j) of section 2 of the Indian Post
Office Act, 1898 (6 of 1898);
(iii) Nidhi referred to in section 406 of the
Companies Act, 2013 (18 of 2013);
(iv) Non-banking financial company which
holds a certificate of registration under
section 45-IA of the Reserve Bank of India
Act, 1934 (6 of 1934), to hold or accept
deposit from public.
5. 5
Sl.
No.
Nature and value of transaction Class of person (reporting person)
(1) (2) (3)
4. Payments made by any person of an
amount aggregating to—
(i) one lakh rupees or more in cash; or
(ii) ten lakh rupees or more by any other
mode, against bills raised in respect of one
or more credit cards issued to that person,
in a financial year.
A banking company or a co-operative
bank to which the Banking Regulation Act,
1949 (10 of 1949) applies (including any
bank or banking institution referred to in
section 51 of that Act) or any other
company or institution issuing credit card.
5. Receipt from any person of an amount
aggregating to ten lakh rupees or more in a
financial year for acquiring bonds or
debentures issued by the company or
institution (other than the amount received
on account of renewal of the bond or
debenture issued by that company).
A company or institution issuing bonds or
debentures.
6. Receipt from any person of an amount
aggregating to ten lakh rupees or more in a
financial year for acquiring shares
(including share application money) issued
by the company.
A company issuing shares.
7. Buy back of shares from any person (other
than the shares bought in the open market)
for an amount or value aggregating to ten
lakh rupees or more in a financial year.
A company listed on a recognised stock
exchange purchasing its own securities
under section 68 of the Companies Act,
2013 (18 of 2013).
8. Receipt from any person of an amount
aggregating to ten lakh rupees or more in a
financial year for acquiring units of one or
more schemes of a Mutual Fund (other
than the amount received on account of
transfer from one scheme to another
scheme of that Mutual Fund).
A trustee of a Mutual Fund or such other
person managing the affairs of the Mutual
Fund as may be duly authorised by the
trustee in this behalf.
9. Receipt from any person for sale of foreign
currency including any credit of such
currency to foreign exchange card or
expense in such currency through a debit
or credit card or through issue of travellers
cheque or draft or any other instrument of
an amount aggregating to ten lakh rupees
or more during a financial year.
Authorised person as referred to in clause
(c) of section 2 of the Foreign Exchange
Management Act, 1999 (42 of 1999).
6. 6
Sl.
No.
Nature and value of transaction Class of person (reporting person)
(1) (2) (3)
10. Purchase or sale by any person of
immovable property for an amount of thirty
lakh rupees or more or valued by the
stamp valuation authority referred to in
section 50C of the Act at thirty lakh rupees
or more.
Inspector-General appointed under
section 3 of the Registration Act, 1908 or
Registrar or Sub-Registrar appointed
under section 6 of that Act.
11. Receipt of cash payment exceeding two
lakh rupees for sale, by any person, of
goods or services of any nature (other than
those specified at Sl. Nos. 1 to 10 of this
rule, if any.)
Any person who is liable for audit under
section 44AB of the Act.
12. Cash deposits during the period 09th
November, 2016 to 30th December, 2016
aggregating to ̶ (i) twelve lakh fifty
thousand rupees or more, in one or more
current account of a person; or (ii) two lakh
fifty thousand rupees or more, in one or
more accounts (other than a current
account) of a person.
(i) A banking company or a co-operative
bank to which the Banking Regulation Act,
1949 (10 of 1949) applies (including any
bank or banking institution referred to in
section 51 of that Act);
(ii) Post Master General as referred to in
clause (j) of section 2 of the Indian Post
Office Act, 1898 (6 of 1898)
13. Cash deposits during the period 1st April,
2016 to 9th November, 2016 in respect of
accounts that are reportable under
Sl.No.12.
(i) A banking company or a co-operative
bank to which the Banking Regulation Act,
1949 (10 of 1949) applies (including any
bank or banking institution referred to in
section 51 of that Act); (ii) Post Master
General as referred to in clause (j) of
section 2 of the Indian Post Office Act,
1898 (6 of 1898).”;
7. 7
Annexure B
General Guidelines for Preparation of Statement of Financial Transactions (SFT)
Section 285BA of the Income Tax requires specified reporting persons to furnish statement
of financial transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the
statement of financial transaction required to be furnished under sub-section (1) of section
285BA of the Act shall be furnished in Form No. 61A.
The prescribed schema for Form 61A can be downloaded from the e-filing website home
page under “Schema & Validation Rules” tab and a utility to prepare Form 61A XML file can
be downloaded from the e-filing website home page under forms (other than ITR) tab.
Transaction Types
Reporting person/entity is required to furnish separate Form 61 A for each transaction type.
The transaction types under SFT have been categorised as under:
SFT- 001: Purchase of bank drafts or pay orders in cash
SFT- 002: Purchase of pre-paid instruments in cash
SFT- 003: Cash deposit in current account
SFT- 004: Cash deposit in account other than current account
SFT- 005: Time deposit
SFT- 006: Payment for credit card
SFT- 007: Purchase of debentures
SFT- 008: Purchase of shares
SFT- 009: Buy back of shares
SFT- 010: Purchase of mutual fund units
SFT- 011: Purchase of foreign currency
SFT- 012: Purchase or sale of immovable property
SFT- 013: Cash payment for goods and services
SFT- 014: Cash deposits during specified period (1st
April, 2016 to 8th
November,
2016 and 9th
Nov to 30th Dec, 2016).
Identification of transactions to be reported
The first step in preparation of Statement of Financial Transactions (SFT) is to identify
transactions/persons/accounts which are reportable under Rule 114E. In the second step,
the reporting person/entity is required to submit details of transactions/persons/accounts
which are determined as reportable.
Aggregation Rule
Aggregation rule needs to be applied for specified transaction types to identify
transactions/persons/accounts which are reportable. Rule 114E specifies that the reporting
person shall, while aggregating the amounts for determining the threshold amount for
reporting in respect of any person –
(a) take into account all the accounts of the same nature maintained in respect of that
person during the financial year;
(b) aggregate all the transactions of the same nature recorded in respect of that person
during the financial year;
8. 8
(c) attribute the entire value of the transaction or the aggregated value of all the
transactions to all the persons, in a case where the account is maintained or transaction
is recorded in the name of more than one person;
The aggregation rule is applicable for all transaction types except SFT- 012 (Purchase or
sale of immovable property) and SFT- 013 (Cash payment for goods and services).
Reporting Format
Form 61A has four parts. Part A contains statement level information is common to all
transaction types. The other three parts relate to report level information which has to be
reported in one of the following parts (depending on the transaction type):
Part B (Person Based Reporting)
Part C (Account Based Reporting)
Part D (Immovable Property Transaction Reporting)
The applicability of the reporting format is discussed in following paragraphs.
Person Based Reporting (Part B)
Part B shall be used for person based reporting which is relevant to following transactions:
SFT- 001: Purchase of bank drafts or pay orders in cash
SFT- 002: Purchase of pre-paid instruments in cash
SFT- 005: Time deposit
SFT- 006: Payment for credit card
SFT- 007: Purchase of debentures
SFT- 008: Purchase of shares
SFT- 009: Buy back of shares
SFT- 010: Purchase of mutual fund units
SFT- 011: Purchase of foreign currency
SFT- 013: Cash payment for goods and services
For determining reportable persons and transactions, the reporting person/entity is required
to aggregate all the transactions of the same nature recorded in respect of the person during
the financial year (refer to the applicability of aggregation rule). In a case, where the
transaction is recorded in the name of more than one person, the reporting person/entity
should attribute the entire value of the transaction or the aggregated value of all the
transactions to all the persons.
The reporting person/entity is required to submit details of persons and transactions which
are determined as reportable. The reporting format also enables reporting person/entity to
furnish information relating to each individual product within a product type. E.g: if a person
has multiple credit cards and the aggregate value of the transactions in all credit cards
exceeds the threshold value, the aggregate transaction value will be reported in section B3
of form 61 A and the transactions pertaining to individual credit cards can be reported in
section B4 of form 61 A.
Account Based Reporting (Part C)
Part C shall be used for account based reporting which is relevant to following transactions:
SFT- 003: Cash deposit in current account
SFT- 004: Cash deposit in account other than current account
9. 9
SFT- 014: Cash deposits during specified period (1st
April, 2016 to 8th
November,
2016 and 9th
Nov to 30th Dec, 2016).
For determining reportable persons and accounts, the reporting person/entity is required to
take into account all the accounts of the same nature maintained in respect of that person
during the financial year and aggregate all the transactions of the same nature recorded in
respect of the person during the financial year (refer to the applicability of aggregation rule).
In a case where the account is maintained in the name of more than one person, the
reporting person/entity should attribute the entire value of the transaction or the aggregated
value of all the transactions to all the persons. In case of SFT- 003 (Cash deposit or
withdrawals in current account), the threshold limit has to be applied separately to deposits
and withdrawals in respect of transactions. After identification of reportable persons and
accounts, the reporting person/entity is required to submit details of accounts which are
determined as reportable. Part C3 of the form 61 A has details of the accounts that need to
be reported along with the aggregate transaction values. Aggregation of transaction has the
same definition as explained in person based accounting.
Immovable Property Transaction Reporting (Part D)
Part D shall be used for reporting of purchase or sale of immovable property (SFT- 012). The
reportable immovable property transactions have to be determined by applying the threshold
limit. The reporting person/entity is required to submit specified details of immovable
property transactions which are determined as reportable.
Statement Type
One Statement can contain only one type of Statement. Permissible values for type of
Statement are:
NB – New Statement containing new information
CB – Correction Statement containing corrections for previously submitted
information
ND - No Data to report
Statement Number and Statement ID
Statement Number is a free text field capturing the sender’s unique identifying number
(created by the sender) that identifies the particular Statement being sent. The identifier
allows both the sender and receiver to identify the specific Statement later if questions or
corrections arise. After successful submission of the Statement to ITD, a new unique
Statement ID will be allotted for future reference. The reporting person/entity should maintain
the linkage between the Statement Number and Statement ID. In case the correction
statement is filed, statement ID of the original Statement which is being corrected should be
mentioned in the element ‘Original Statement ID’. In case the Statement is new and
unrelated to any previous Statement, ‘0’ will be mentioned in the element ‘Original Statement
ID’.
Report Serial Number
The Report Serial Number uniquely represents a report within a Statement. The Report
Serial Number should be unique within the Statement. This number along with Statement ID
will uniquely identify any report received by ITD. In case of correction, the complete report
has to be resubmitted. The Report Serial Number of the original report that has to be
replaced or deleted should be mentioned in the element ‘Original Report Serial Number’.
10. 10
This number along with Original Statement ID will uniquely identify the report which is being
corrected. In case there is no correction of any report, ‘0’ will be mentioned in the element
‘Original Report Serial Number’.
Form 61 Acknowledgement No.
If reporting person/entity has received declarations in Form 60 in respect of transactions
listed in Rule 114E, Form 61 is required to be furnished to ITD. As mentioned in Chapter I,
on successful loading of Form 61 (containing the particulars of Form 60), an
Acknowledgement No. would be generated which has to be mentioned at the time of filling
Form 61A. Hence, unless Form 61 has been furnished, Reporting person/entity may face
difficulty in filling Form 61A. Accordingly, it is to be ensured that Form 61 is furnished to the
Department before Form 61A is filled.
Additional Resources
The reporting person/entity may refer to following resources released by the Directorate of
Systems:
User Manual for
ITDREIN Registration
and Upload
User Manual to explain steps in registration of filer and
upload of SFT (Form 61A)
SFT Report Generation
Utility
Java utility to assist the filer in preparation of SFT (Form
61A) in XML file
SFT Report Generation
Utility User Guide
User Guide to explain steps in using the Java utility to assist
the filer in preparation of SFT (Form 61A) in XML file
SFT Quick Reference
Guide
One page document with steps for preparation of SFT
The developers who want to develop program to generate XML may refer to the following:
Form 61A Schema XSD file which contains the schema in which SFT (Form
61A) needs to be prepared and uploaded/submitted
Form 61A Schema
Guide
Guide to assist the filer in understanding the Form 61A
Schema
11. 11
Annexure C
Transaction Specific Guidelines for Preparation of Statement of Financial
Transactions (SFT)
Transaction specific guidelines for preparation of Statement of Financial Transactions (SFT)
are given in following paragraphs.
SFT- 001: Purchase of bank drafts or pay orders in cash
Transaction Code SFT- 001
Transaction
Description
Purchase of bank drafts or pay orders or banker's cheque in cash
Nature and value of
transaction
Payment made in cash for purchase of bank drafts or pay orders
or banker's cheque of an amount aggregating to ten lakh rupees
or more in a financial year.
Class of person
required to furnish
A banking company or a co-operative bank to which the Banking
Regulation Act, 1949 (10 of 1949) applies (including any bank or
banking institution referred to in section 51 of that Act).
Remarks 1. For purchase of bank drafts or pay orders or banker's
cheques from a banking company or a co-operative bank
to which the Banking Regulation Act, 1949 (10 of 1949),
applies (including any bank or banking institution referred
to in section 51 of that Act) it is obligatory to quote PAN for
payment in cash for an amount exceeding fifty thousand
rupees during any one day (refer Rule 114B)
2. All transactions of the same nature recorded in respect of
person during the financial year should be aggregated
(refer Rule114E)
3. The entire value of the transaction or the aggregated value
of all the transactions should be attributed to all the
persons, in a case where the transaction is recorded in the
name of more than one person (refer Rule114E)
4. The relevant reporting format is Part A (Statement Details)
and Part B (Report Details)
5. The Report Type should be specified as AF- Aggregated
Financial Transactions (A.2.7)
6. One report would include details of one person along with
transaction details
7. The Product Type should be specified as DD – Bank draft
or pay order or banker's cheque (B.3.1)
12. 12
SFT- 002: Purchase of pre-paid instruments in cash
Transaction Code SFT- 002
Transaction
Description
Purchase of prepaid instruments in cash
Nature and value of
transaction
Payments made in cash aggregating to ten lakh rupees or
more during the financial year for purchase of pre-paid
instruments issued by Reserve Bank of India under
section 18 of the Payment and Settlement Systems Act,
2007 (51 of 2007).
Class of person
required to furnish
A banking company or a co-operative bank to which the
Banking Regulation Act, 1949 (10 of 1949) applies
(including any bank or banking institution referred to in
section 51 of that Act).
Remarks 1. For purchase of prepaid instruments from a banking
company or a co-operative bank to which the
Banking Regulation Act, 1949 (10 of 1949), applies
(including any bank or banking institution referred to
in section 51 of that Act) it is obligatory to quote
PAN for payment in cash for an amount exceeding
fifty thousand rupees during any one day (refer Rule
114B)
2. All transactions of the same nature recorded in
respect of person during the financial year should
be aggregated (refer Rule114E)
3. The entire value of the transaction or the
aggregated value of all the transactions should be
attributed to all the persons, in a case where the
transaction is recorded in the name of more than
one person (refer Rule114E)
4. The relevant reporting format is Part A (Statement
Details) and Part B (Report Details)
5. The Report Type should be specified as AF-
Aggregated Financial Transactions (A.2.7)
6. One report would include details of one person
along with transaction details
7. The Product Type should be specified as PI –
Prepaid Instrument (B.3.1)
13. 13
SFT- 003: Cash deposit or withdrawals in current account
Transaction Code SFT- 003
Transaction
Description
Cash deposits or cash withdrawals (including through
bearer's cheque) in current account.
Nature and value of
transaction
Cash deposits or cash withdrawals (including through
bearer's cheque) aggregating to fifty lakh rupees or more in a
financial year, in or from one or more current account of a
person.
Class of person
required to furnish
A banking company or a co-operative bank to which the
Banking Regulation Act, 1949 (10 of 1949) applies (including
any bank or banking institution referred to in section 51 of that
Act).
Remarks 1. For deposits in a banking company or a co-operative
bank to which the Banking Regulation Act, 1949 (10 of
1949), applies (including any bank or banking
institution referred to in section 51 of that Act) it is
obligatory to quote PAN for payment in cash for an
amount exceeding fifty thousand rupees during any
one day (refer Rule 114B)
2. All the accounts of the same nature maintained in
respect of that person during the financial year should
be considered and the entire value of the transaction
or the aggregated value of all the transactions should
be attributed to all the persons, in a case where the
account is maintained in the name of more than one
person (refer Rule114E)
3. The threshold limit should be applied separately to
deposits and withdrawals (refer Rule114E)
4. Once the accounts to be reported are identified by the
aggregation rule, one report would include details of
one account alongwith details of account and related
persons
5. The relevant reporting format is Part A (Statement
Details) and Part C (Report Details)
6. The Report Type should be specified as BA –
Bank/Post Office Account (A.2.7)
7. The Account Type should be specified as BC -
Current Account (C.2.1)
14. 14
SFT- 004: Cash deposit in account other than current account
Transaction Code SFT- 004
Transaction
Description
Cash deposits in one or more accounts (other than a current
account and time deposit) of a person.
Nature and value of
transaction
Cash deposits aggregating to ten lakh rupees or more in a
financial year, in one or more accounts (other than a current
account and time deposit) of a person.
Class of person
required to furnish
A banking company or a co-operative bank to which the
Banking Regulation Act, 1949 (10 of 1949) applies (including
any bank or banking institution referred to in section 51 of that
Act).
Post Master General as referred to in clause (j) of section 2 of
the Indian Post Office Act, 1898 (6 of 1898).
Remarks 1. For deposits in a banking company or a co-operative
bank to which the Banking Regulation Act, 1949 (10 of
1949), applies (including any bank or banking institution
referred to in section 51 of that Act) it is obligatory to
quote PAN for payment in cash for an amount
exceeding fifty thousand rupees during any one day
(refer Rule 114B)
2. All the accounts of the same nature maintained in
respect of that person during the financial year should
be considered and the entire value of the transaction or
the aggregated value of all the transactions should be
attributed to all the persons, in a case where the
account is maintained in the name of more than one
person (refer Rule114E)
3. Once the accounts to be reported are identified by the
aggregation rule, one report would include details of
one account alongwith details of account and related
persons
4. The relevant reporting format is Part A (Statement
Details) and Part C (Report Details)
5. The Report Type should be specified as BA –
Bank/Post Office Account (A.2.7)
6. The Account Type should be specified as BS - Savings
Account or ZZ - Other Account (C.2.1)
15. 15
SFT- 005: Time deposit
Transaction Code SFT- 005
Transaction
Description
Time deposits (other than a time deposit made through renewal of
another time deposit)
Nature and value of
transaction
One or more time deposits (other than a time deposit made through
renewal of another time deposit) of a person aggregating to ten lakh
rupees or more in a financial year of a person.
Class of person
required to furnish
(i) A banking company or a co-operative bank to which the Banking
Regulation Act, 1949 (10 of 1949) applies (including any bank or
banking institution referred to in section 51 of that Act);
(ii) Post Master General as referred to in clause (j) of section 2 of
the Indian Post Office Act, 1898 (6 of 1898);
(iii) Nidhi referred to in section 406 of the Companies Act, 2013 (18
of 2013);
(iv) Non-banking financial company which holds a certificate of
registration under section 45-IA of the Reserve Bank of India Act,
1934 (6 of 1934), to hold or accept deposit from public.
Remarks 1. For payment for a credit card in a banking company or a co-
operative bank to which the Banking Regulation Act, 1949
(10 of 1949), applies (including any bank or banking
institution referred to in section 51 of that Act) it is obligatory
to quote PAN for payment in cash for any amount(refer Rule
114B)
2. All transactions of the same nature recorded in respect of
person during the financial year should be aggregated (refer
Rule114E)
3. The entire value of the transaction or the aggregated value of
all the transactions should be attributed to all the persons, in
a case where the transaction is recorded in the name of more
than one person (refer Rule114E)
4. The relevant reporting format is Part A (Statement Details)
and Part B (Report Details)
5. The Report Type should be specified as AF- Aggregated
Financial Transactions (A.2.7)
6. One report would include details of one person along with
transaction details
7. The Product Type should be specified as TD - Time Deposit
(B.3.1)
16. 16
SFT- 006: Payment for credit card
Transaction Code SFT-006
Transaction
Description
Payments made by any person in respect of one or more
credit cards issued to that person, in a financial year.
Nature and value of
transaction
Payments made by any person of an amount aggregating
to—
(i) One lakh rupees or more in cash; or
(ii) Ten lakh rupees or more by any other mode, against
bills raised in respect of one or more credit cards issued to
that person, in a financial year.
Class of person
required to furnish
A banking company or a co-operative bank to which the
Banking Regulation Act, 1949 (10 of 1949) applies
(including any bank or banking institution referred to in
section 51 of that Act) or any other company or institution
issuing credit card.
Remarks 1. For payment for a credit card in a banking company
or a co-operative bank to which the Banking
Regulation Act, 1949 (10 of 1949), applies
(including any bank or banking institution referred to
in section 51 of that Act) it is obligatory to quote
PAN for payment in cash for any amount(refer Rule
114B)
2. All transactions of the same nature recorded in
respect of person during the financial year should
be aggregated (refer Rule114E)
3. The entire value of the transaction or the
aggregated value of all the transactions should be
attributed to all the persons, in a case where the
transaction is recorded in the name of more than
one person (refer Rule114E)
4. The relevant reporting format is Part A (Statement
Details) and Part B (Report Details)
5. The Report Type should be specified as AF-
Aggregated Financial Transactions (A.2.7)
6. One report would include details of one person
along with transaction details
7. The Product Type should be specified as CC- Credit
Card (B.3.1)
17. 17
SFT- 007: Purchase of debentures
Transaction Code SFT-007
Transaction
Description
Purchase of debentures year for acquiring bonds or
debentures issued by the company or institution.
Nature and value of
transaction
Receipt from any person of an amount aggregating to ten
lakh rupees or more in a financial year for acquiring bonds or
debentures issued by the company or institution (other than
the amount received on account of renewal of the bond or
debenture issued by that company).
Class of person
required to furnish
A company or institution issuing bonds or debentures.
Remarks 1. For payment for acquiring bonds issued by any
institution it is obligatory to quote PAN for purchase of
bond of amount exceeding Rs 50,000/-(refer Rule
114B)
2. All transactions of the same nature recorded in
respect of person during the financial year should be
aggregated (refer Rule114E)
3. The entire value of the transaction or the aggregated
value of all the transactions should be attributed to all
the persons, in a case where the transaction is
recorded in the name of more than one person (refer
Rule114E)
4. The relevant reporting format is Part A (Statement
Details) and Part B (Report Details)
5. The Report Type should be specified as AF-
Aggregated Financial Transactions (A.2.7)
6. One report would include details of one person along
with transaction details
7. The Product Type should be specified as BD - Bonds
or Debentures (B.3.1)
18. 18
SFT- 008: Purchase of shares
Transaction Code SFT-008
Transaction
Description
Purchase of shares (including share application money)
issued by the company.
Nature and value of
transaction
Receipt from any person of an amount aggregating to ten
lakh rupees or more in a financial year for acquiring shares
(including share application money) issued by the
company.
Class of person
required to furnish
A company issuing shares.
Remarks 1. For payment for acquiring shares in any institution it
is obligatory to quote PAN for purchase of shares of
amount exceeding Rs 1,00,000/- (refer Rule 114B)
2. All transactions of the same nature recorded in
respect of person during the financial year should
be aggregated (refer Rule114E)
3. The entire value of the transaction or the
aggregated value of all the transactions should be
attributed to all the persons, in a case where the
transaction is recorded in the name of more than
one person (refer Rule114E)
4. The relevant reporting format is Part A (Statement
Details) and Part B (Report Details)
5. The Report Type should be specified as AF-
Aggregated Financial Transactions (A.2.7)
6. One report would include details of one person
along with transaction details
7. The Product Type should be specified as SI –
Shares issued (B.3.1)
19. 19
SFT- 009: Buy back of shares
Transaction Code SFT-009
Transaction
Description
Buy back of shares
Nature and value of
transaction
Buy back of shares from any person (other than the shares
bought in the open market) for an amount or value
aggregating to ten lakh rupees or more in a financial year.
Class of person
required to furnish
A company listed on a recognised stock exchange
purchasing its own securities under section 68 of the
Companies Act, 2013 (18 of 2013).
Remarks 1. All transactions of the same nature recorded in
respect of person during the financial year should
be aggregated (refer Rule114E)
2. The entire value of the transaction or the
aggregated value of all the transactions should be
attributed to all the persons, in a case where the
transaction is recorded in the name of more than
one person (refer Rule114E)
3. The relevant reporting format is Part A (Statement
Details) and Part B (Report Details)
4. The Report Type should be specified as AF-
Aggregated Financial Transactions (A.2.7)
5. One report would include details of one person
along with transaction details
6. The Product Type should be specified as SB –
Shares bought back (B.3.1)
20. 20
SFT- 010: Purchase of mutual fund units
Transaction Code SFT-010
Transaction
Description
Purchase of mutual fund units in a financial year for
acquiring units of one or more schemes of a Mutual Fund
Nature and value of
transaction
Receipt from any person of an amount aggregating to ten
lakh rupees or more in a financial year for acquiring units of
one or more schemes of a Mutual Fund (other than the
amount received on account of transfer from one scheme to
another scheme of that Mutual Fund).
Class of person
required to furnish
A trustee of a Mutual Fund or such other person managing
the affairs of the Mutual Fund as may be duly authorised by
the trustee in this behalf.
Remarks 1. For payment for acquiring mutual funds of any
financial institution it is obligatory to quote PAN for
purchase of mutual fund of amount exceeding Rs
1,00,000/-(refer Rule 114B)
2. All transactions of the same nature recorded in
respect of person during the financial year should
be aggregated (refer Rule114E)
3. The entire value of the transaction or the
aggregated value of all the transactions should be
attributed to all the persons, in a case where the
transaction is recorded in the name of more than
one person (refer Rule114E)
4. The relevant reporting format is Part A (Statement
Details) and Part B (Report Details)
5. The Report Type should be specified as AF-
Aggregated Financial Transactions (A.2.7)
6. One report would include details of one person
along with transaction details
7. The Product Type should be specified as MF -
Mutual Fund (B.3.1)
21. 21
SFT- 011: Purchase of foreign currency
Transaction Code SFT-011
Transaction
Description
Purchase of foreign currency
Nature and value of
transaction
Receipt from any person for sale of foreign currency
including any credit of such currency to foreign exchange
card or expense in such currency through a debit or credit
card or through issue of travellers cheque or draft or any
other instrument of an amount aggregating to ten lakh
rupees or more during a financial year.
Class of person
required to furnish
Authorised person as referred to in clause (c) of section 2
of the Foreign Exchange Management Act, 1999 (42 of
1999).
Remarks 1. For payment for acquiring foreign exchange from
any institution it is obligatory to quote PAN for
purchase of foreign currency in cash for amount
exceeding Rs 50,000/-(refer Rule 114B)
2. All transactions of the same nature recorded in
respect of person during the financial year should
be aggregated (refer Rule114E)
3. The entire value of the transaction or the
aggregated value of all the transactions should be
attributed to all the persons, in a case where the
transaction is recorded in the name of more than
one person (refer Rule114E)
4. The relevant reporting format is Part A (Statement
Details) and Part B (Report Details)
5. The Report Type should be specified as AF-
Aggregated Financial Transactions (A.2.7)
6. One report would include details of one person
along with transaction details
7. The Product Type should be specified as FC -
Foreign Currency (B.3.1)
22. 22
SFT- 012: Purchase or sale of immovable property
Transaction Code SFT-012
Transaction
Description
Purchase or sale of any person of immovable property.
Nature and value of
transaction
Purchase or sale by any person of immovable property for
an amount of thirty lakh rupees or more or valued by the
stamp valuation authority referred to in section 50C of the
Act at thirty lakh rupees or more.
Class of person
required to furnish
Inspector-General appointed under section 3 of the
Registration Act, 1908 or Registrar or Sub-Registrar
appointed under section 6 of that Act.
Remarks 1. For payment for acquiring any immovable property
it is obligatory to quote PAN for purchase of amount
exceeding Rs 10,00,000/-(refer Rule 114B)
2. The relevant reporting format is Part A (Statement
Details) and Part D (Report Details)
3. The Report Type should be specified as IM -
Immovable Property Transactions (A.2.7)
4. One report would include details of one property
along with seller and purchaser details
23. 23
SFT- 013: Cash payment for goods and services
Transaction Code SFT-013
Transaction
Description
Cash payments for goods and services.
Nature and value of
transaction
Receipt of cash payment exceeding two lakh rupees for
sale, by any person, of goods or services of any nature
(other than those specified at Sl. Nos. 1 to 10 of Rule 114E)
Class of person
required to furnish
Any person who is liable for audit under section 44AB of the
Act.
Remarks 1. For sale or purchase, by any person, of goods or
services of any nature it is obligatory to quote PAN
for amount exceeding two lakh rupees per
transaction: (refer Rule 114B)
2. The aggregation rule is not applicable for
identification of reportable transactions
3. The relevant reporting format is Part A (Statement
Details) and Part B (Report Details)
4. The Report Type should be specified as AF-
Aggregated Financial Transactions (A.2.7).
5. The reporting format aggregates the transactions of
one person in one report
6. One report would include details of one person
along with transaction details
7. The Product Type should be specified as ZZ –
Others (B.3.1)
24. 24
SFT- 014: Cash deposits during specified period
Transaction Code SFT- 014
Transaction
Description
Cash deposits during the period 1st
April, 2016 to 8th
November, 2016 and
9th November, 2016 to 30th December, 2016.
Nature and value
of transaction
Cash deposits during the period 09th November, 2016 to 30th December,
2016 aggregating to ̶ (i) twelve lakh fifty thousand rupees or more, in one or
more current account of a person; or (ii) two lakh fifty thousand rupees or
more, in one or more accounts (other than a current account) of a person.
Cash deposits during the period 1st April, 2016 to 9th November, 2016 in
respect of accounts that are reportable.
Class of person
required to furnish
i) A banking company or a co-operative bank to which the Banking
Regulation Act, 1949 (10 of 1949) applies (including any bank or banking
institution referred to in section 51 of that Act);
(ii) Post Master General as referred to in clause (j) of section 2 of the Indian
Post Office Act, 1898 (6 of 1898)
Remarks 1. The due date for furnishing statement containing details of cash
deposits during the period 1st
April, 2016 to 8th
November, 2016 and
9th November, 2016 to 30th December, 2016 (SFT-014) is 31st
January, 2017.
2. For deposits in a banking company or a co-operative bank to which
the Banking Regulation Act, 1949 (10 of 1949), applies (including
any bank or banking institution referred to in section 51 of that Act) it
is obligatory to quote PAN for payment in cash for an amount
exceeding fifty thousand rupees during any one day or aggregating
to more than two lakh fifty thousand rupees during the period 09th
November, 2016 to 30th December, 2016.” (refer Rule 114B)
3. All the accounts of the same nature maintained in respect of that
person during the financial year should be considered and the entire
value of the transaction or the aggregated value of all the
transactions should be attributed to all the persons, in a case where
the account is maintained in the name of more than one person.
(refer Rule114E)
4. Once the accounts to be reported are identified by the aggregation
rule, one report would include details of one account.
5. The relevant reporting format is Part A (Statement Details) and Part
C (Report Details)
6. The Report Type should be specified as BA – Bank/Post Office
Account (A.2.7)
7. The Account Type should be specified as BS (Savings Account), BC
(Current Account) or ZZ (Other Account)