CBDT
CBDT extends the due date for furnishing Statement of Financial Transaction (SFT) under the provisions of the Section 285BA of the Income-tax Act, 1961. The due date for filing such SFT in Form 61A in respect of specified financial transactions registered or recorded during Financial Year 2016-17 is 31st May 2017. In view of these representations and in order to remove inconvenience and to facilitate ease of compliance, the CBDT, in exercise of powers conferred under Section 119 of the Act, have extended the due date of furnishing of the SFT under Rule 114E (5) of the IT Rules, read with sub-section (1) of section 285BA of the Income Tax Act, 1961 in respect of specified financial transactions registered or recorded during Financial Year 2016-17, from 31st May 2017 to 30th June 2017.
CBDT
CBDT has issued notification to clarify that Form 15G/15H to be filed once in a year and not every time when payment is due. Clarification has been provided that it will be sufficient if only one declaration is made in respect of the income each year before each person responsible for making the payment and whenever the estimated total income/aggregate income changes and new investments are made, one needs to file new form 15G/15H providing particulars of the same.
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