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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.
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SFT / Statement of Financial Transaction under Section 285BA is a report of specified financial transactions by specified persons including prescribed reporting financial institution. Read this article to know more about SFT Rules, Forms, Due Dates, Remedies & consequences.
Si. NoNature Of Transaction To Be ReportedMonetary Threshold Of TransactionSpecified Person Required To Submit Sft1Cash payment purchase of bank drafts or ...Aggregating to Rs.10 lakh or more in an ...A banking company or co-operative bank to ...1Cash payments for the purchase of ...Aggregating to Rs.10 lakh or more during ...A banking company or co-operative bank to ...1Cash deposits or withdrawals from one or ...Aggregating to Rs.50 lakh or more in an ...A banking company or co-operative bank to ...2Cash deposits in one or more accounts ...Aggregating to Rs.10 lakh or more in an ...A banking company or co-operative bank to ...- Which Are The Specified Financial Transactions?
- Due Date to File Form 61A
- Who Is Required to Furnish Form 61A
- Filing Nil Statement
- Filing of Statement of Financial Transactions (SFT) Online
- Different Parts of Form 61A
- Rules of Aggregation
The specified financial transactions referred above are of the following kinds: 1. Sale, purchase or exchange of goods, right, property, or interest in any property. 2. Works contract. 3. Providing services. 4. Any investment made or expenditure incurred. 5. Accepting any deposit or taking any loan. It is important to note that CBDT can recommend d...
Statement of Financial Transactions needs to be furnished within 31st Mayof next year for every previous financial year where the transaction occurs. A penalty under Section 271FA of Rs 500 per day shall be levied for the initial failure to file within the due date. The authorities would issue a notice to such an assessee, demanding the assessee to...
A banking company, Cooperative bankA non-banking financial company (NBFC)Any institution issuing credit cardAny person covered under audit under section 44AB iof the Income Tax Act.There’s a dilemma many have that if an entity that hasn’t entered into any of Specified financial transactions in the financial year but falls into the reporting class of person as provided under the provisions of the Income Tax Act – Do they need to file a NIL Form 61A/Statement of financial transactions. There have been few circulars issued by th...
Step 1: Register on the Reporting portal under My Account menu.Step 2: All statements uploaded to the Reporting Portal should be in the XML format consistent with the prescribed schemapublished by the Income Tax Department.Step 3: Once XML is generated, sign and encrypt the XML using the Submission utility and prepare a packageto be uploaded.Step 4: Submit the statement on Reporting Portal. Upon successful submission, an email with “Acknowledgment Number”will be sent to the registered email id.Form 61A has two parts: 1. Part A which contains statement level information is common for all transaction types. 2. The report level information has to be reported in one of the following parts (depending on the transaction type): – 2.1. Part B (Reporting of aggregated financial transactions by the person) 2.2. Part C (Reporting of bank accounts) ...
Threshold limit shall be applied on the aggregate of the following:
1. All accounts of same nature 2. All transactions of same nature 3. In case of joint accounts, amount to each account holders is added 4. Limit should be applied seperatley to deposits and withdrawals
Exceptions to above rules:
1. Purchase and sale of immovable properties 2. Cash payment for goods and services
Jun 8, 2020 · WHO IS REQUIRED TO FILE STATEMENT OF FINANCIAL TRANSACTIONS (SFT) As per rule 114E following persons (reporting persons) are required to furnish statement of financial transaction. a) Any person who is liable for audit under section 44AB of the Income –tax Act. b) A Banking Company. c) A Co-operative Bank. d) Post Master General of Post office.
Nov 4, 2023 · Explore the significance of SFT in pre-filing income returns, the registration process, and reporting obligations for financial institutions under the Income Tax Act. Stay informed to navigate the regulatory landscape and ensure compliance.
Jan 25, 2021 · Theses transactions are known as Special Financial Transaction (SFT Reporting) in the Income Tax Act perspective. So, one must be very careful while entering into such type of transactions.
Guidelines for Preparation of Statement of Financial Transactions (SFT)
