Is Section 285BA of Income Tax Act applicable to your company/entity – Reporting of specified transactions to Income Tax department
Certain specified companies and other business entities need to comply with the provisions of Section 285BA of Income Tax Act. The section requires filing of information related to certain financial transactions in Form 61A. The last date for filing Form 61A is 31st May after the end of each financial year. However, please note that the last date for filing Form 61A for FY 2019-20 is 30th June, 2020. [extended from 31st May, 2020 due to COVID-19].
The newly added companies and business entities to which Section 285BA is applicable are as below:
- Any person who is liable for audit under section 44 AB of the Income Tax Act,
- A company issuing Shares, debentures, bonds or
- A company which buybacks its shares
Members of our direct tax team have come up with a presentation on this subject.