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Which is reporting entity or reporting person is required to furnish?


Asked by Dior McLean on Dec 10, 2021 FAQ



Reporting Entity or Reporting Person is an entity which is required to furnish a Statement of Financial Transaction (in Form 61 A) or Statement of Reportable Account (in Form 61B) with the Income Tax Department as per the provisions of section 285BA of the Income Tax Act 1961.
Furthermore,
Who is a Reporting Entity? Reporting Entity or Reporting Person is an entity which is required to furnish a Statement of Financial Transaction (in Form 61 A) or Statement of Reportable Account (in Form 61B) with the Income tax Department as per the provisions of section 285BA of the Income-tax Act 1961.
In addition, Reporting Entity or Reporting Person is an entity that is required to furnish a Statement of Financial Transaction (in Form 61 A) or Statement of Reportable Account (in Form 61B) with the Income-tax Department as per the provisions of section 285BA of the Income-tax Act 1961.
In respect to this,
A Reporting Entity has to report in specified SFT reportable transaction of the nature specified in this rule for the relevant financial year on or before 31st May immediately following the financial year. Form 61A is further divided into statement details and report details.
Accordingly,
A Reporting Entity has to report in specified SFT reportable transaction of the nature specified in this rule for the relevant financial year on or before 31st of May immediately following the financial year.