Vistra Insights

Vistra India Update 328

May 16th- 31st, 2017

Income Tax

CBDT Issues clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response

Section 285BA of the Income-tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A was 31st May 2017.  However, in view of the representations received by the Central Board of Direct Taxes (hereinafter referred as Board) requesting for extension of the date of filing of the said statement of financial transactions on account of the teething problems arising and the volume of data to be compiled, the Board has extended the date of furnishing of the statement of financial transactions from 31st May 2017 to 30th June 2017 in case of persons throughout India who are liable to furnish the said statement.  Further the Board has clarified that the registration of reporting person (ITDREIN registration) is mandatory only when at least one of the Transaction Type is reportable. 

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Publishing of rate of exchange for conversion of the foreign currency

The Central Board of Excise and Customs (CBEC) vide Notification No. 49 /2017 - Customs (N.T.) notified the rate of exchange for conversion of the foreign currency into Indian currency or vice versa for Export and Import of goods, with effect from 19th May 2017.  The Notification is appended below for reference:

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Labour Laws

Amendment to Karnataka Labour Welfare Fund Contributions

The Karnataka Government has issued a notification revising the Labour Welfare Fund Contributions of employee, employer and State government. As per the notification, every employer, employee and state government have to now contribute INR 20, INR 40 and INR 20 respectively for the month of December every year as per the employee register of an establishment as on 31st December. 

The employer’s and employee’s contribution has to be paid by the employer to the Labour Welfare Fund Board on or before the 15th of the following calendar year. 

Click here to view the circular

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