Excelsior Correspondent
JAMMU, May 29: Income Tax Department today organized an interaction programme in the auditorium of Institute of Chartered Accountants (ICA) at Canal Road, Jammu.
A large number of ICA members took part in the programme. The main theme of the programme was to apprise the members about the provisions of Section 285BA of the Income Tax Act, 1961 read with Rule 114E of the Income Tax Rules, 1962, which 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 May 31 of 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.
All the participants who were mostly members of the ICA appreciated the efforts of the Income Tax Department in holding such outreach programmes and hold discussion through the power point presentation which was displayed.
The Income tax Department was represented by B K Raina, who attended to various queries raised by the participants. Chairman of the Institute, Sahley Razdan, and other members of the Executive body also took part in the discussion.
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