Section 285BA → Section 415
Statement of financial transaction (SFT)
Quick Answer
Section 285BA of the Income Tax Act, 1961 (Statement of financial transaction (SFT)) corresponds to Section 415 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective 1st April 2026. Status: Retained.
Sec 285BA
Provision Summary
Requires banks, mutual funds, and registrars to report high-value transactions to the IT Dept.
Sec 415
Provision Summary
Retained. The source of all data in your AIS (Annual Information Statement).
Key Changes & Highlights
- Reporting expanded to include crypto trades, dividends, and interest income in real-time.
Frequently Asked Questions
What does Section 285BA of the Income Tax Act 1961 deal with?
Section 285BA (Statement of financial transaction (SFT)) Requires banks, mutual funds, and registrars to report high-value transactions to the IT Dept.
What is the new section number for Section 285BA under the Direct Tax Code 2025?
Section 285BA of the ITA 1961 maps to Section 415 of the Direct Tax Code 2025 (Income-tax Act, 2025), effective from 1st April 2026.
What is the status of Section 285BA under the new tax code?
Section 285BA is marked as "Retained" with status "Active". Impact: Critical - The technical engine behind 'Faceless' tax monitoring.
What are the key changes to Section 285BA under DTC 2025?
Reporting expanded to include crypto trades, dividends, and interest income in real-time.
Disclaimer: This page is for educational and reference purposes only. Section mappings are based on publicly available drafts and circulars. Always consult a qualified Chartered Accountant before filing or making compliance decisions under the Direct Tax Code 2025.
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