Reporting of specified financial transactions ( SFT ) by bank to income tax authorities reg
This query is : Resolved
12 December 2023
As NRE fixed deposits opened by NRIs are tax free in India as per provisions of DTAA,
are the banks are to report these deposits in SFT submitted to income tax authorities ?
If they are reported in SFT, automatically they get reflected in AIS/TIS.
The department can not distinguish whether they are NRE deposits of tax free or normal fixed deposits ( taxable in India)
NRIS get notice that they did not file income tax returns in India as per AIS/TIS statements.
Is it not necessary to give instructions to Banks that they should not report time deposits of NRE opened by NRIs or to report them separately in a suitable format
as TAX exempt category deposits to avoid unnecessary litigation and harassment caused to NRIs
I request CA CLUB to represent to CBDT/Income tax authorities.
are the banks are to report these deposits in SFT submitted to income tax authorities ?
If they are reported in SFT, automatically they get reflected in AIS/TIS.
The department can not distinguish whether they are NRE deposits of tax free or normal fixed deposits ( taxable in India)
NRIS get notice that they did not file income tax returns in India as per AIS/TIS statements.
Is it not necessary to give instructions to Banks that they should not report time deposits of NRE opened by NRIs or to report them separately in a suitable format
as TAX exempt category deposits to avoid unnecessary litigation and harassment caused to NRIs
I request CA CLUB to represent to CBDT/Income tax authorities.
12 December 2023
Banks are not required to report NRE deposits in SFT submitted to income tax authorities
12 December 2023
Sir
This is what I believed.
I checked the act / cdbt circulars.
I did not find any direction in this regard
I request you to kindly give any reference
/ circulars on this subject
This is what I believed.
I checked the act / cdbt circulars.
I did not find any direction in this regard
I request you to kindly give any reference
/ circulars on this subject
13 December 2023
SFT circular doesn't include NRE deposit. Moreover the income from NRE deposit is not taxable in India so such reporting is not required.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Post Office RD Interest
- Eway bill for machinery reparing
- Building and other construction workers welfare cess act 1996
- Bank Accounts in Balance Sheet for ITR 3
- Applicable TDS for Purchase of Flat from NRI
- ITR 3 FILING OF AN INDIVIDUAL (PARTNER IN A PARTNERSHIP fIRM)
- ITR validation error - Balance sheet is not filled
- Annual return of gst limit
- Form 10BD Filling
- TDS ON CASH WITHDRAWALS...
- CG Tax On residential property
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
