09 January 2024
As per section 285BA of the Income Tax Act 1961 & under rule 114E of the Income Tax Rule, 1962. It is mentioned under SFT 005 that "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" shall be reported to Income Tax Department.
Does it also apply to transactions on NRE accounts as these are non-taxable? I understand @CA R SEETHARAMAN had mentioned that there are circulars from IT department to confirm these don't have to be included for reporting by the bank but haven't found them myself.
14 January 2024
Could not get the circular but the below post which can help https://www.caclubindia.com/forum/sft-005-transaction-in-26as-for-nre-deposit-579408.asp https://neuronwealth.com/2023/03/18/what-to-do-when-an-nri-receive-a-notice-for-nre-account-or-fd/ https://www.taxfull.com/17674/itr-filing-mandatory-for-tds-deductions-and-sft
CAclubindia
