Excelsior Correspondent
JAMMU, Jan 23: An outreach programme was held today in the conference hall of the Aayakar Bhawan here.
The programme witnessed massive participation particularly of ICA members. The main objective of the programme was to apprise the members about the provisions of Section 285BA of the Income Tax (IT), 1961, read with rule 114E of the Income Tax rules, 1962.
The Section 285BA of Income Tax, 1961 provides that every reporting entity like Banking company, Cooperative Bank, a company issuing bonds, shares, debentures, listed in a recognized stock exchange, Registering Authorities under Section 3 of the Registration Act, 1908 or a Post Master General are required to furnish statement of the Financial Transactions before the May 31, immediately following the financial year in which the transaction is registered or recorded on the reporting portal https//www.indiafilings.com through online transmission of electronic data in respect of all the transactions of the nature and value specified in the Notification issued by the CBDT on December 30, 2015.
The participants were apprised that in case of any reporting entity fails to upload the statement of Financial Transactions in respect of the financial year on or before the due date, the said Authority is required to pay by way of penalty as envisaged under the provisions of Section 271FA of the Income Tax Act, 1961.
The Income Tax Department was represented by BK Raina, Inder Sain Chawla and Vikas Sharma, ITOs, who attended to various queries raised by the participants.
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