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Apr 3, 2024 · A portal for reporting financial transactions under Operation Clean Money (OCM) and Section 285BA of the Income Tax Act. Find news, updates, FAQs and links to file Form 61A and other statements.
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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.
Dec 21, 2022 · Login Page. Sitemap | Terms and Conditions | Websites Policies Copyright © Income Tax Department, Ministry of Finance, Government of India.
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- Statement of Financial Transactions
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1.1 Reporting Obligation
1. 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. Also, Under Rule 114D of IT rules 1962, any entity/person receiving Form 60 is required to report details of Form 60 in Form 61. 2. What are the Reporting Obligations u/s 285BA of the IT Ac...
1.2 Forms Overview
1. What are different forms relating to third party reporting u/s 285BA? There are three forms namely Form 61, 61A and 61B. Form61:Details of Form 60 submitted by transacting parties not having PAN Form 61A:Statement of financial transactions (SFT) Form61B:Statement of reportable accounts (SRA) 2. What is Form 61? As per rule 114B of IT rules 1962, an entity is required to obtain PAN of the transacting party. In case transacting party does not have a PAN, form 60 is to be filled by transactin...
1.3 Project Insight
1. What is Project Insight? Income tax Department has initiated Project Insight to focus on three goals namely (i) to promote voluntary compliance and deter noncompliance; (ii) to impart confidence that all eligible persons pay appropriate tax; and (iii) to promote fair and judicious tax administration. Under this project, an integrated data warehousing and business intelligence platform is being rolled out in a phased manner. The project also operationalizes two new centres namely Income Tax...
2.1 Registration Overview
1. What is the need to register on Reporting Portal? Reporting Portal is one of the main components of Project Insight platform to provide a comprehensive interface between Reporting Entities and the Income-tax Department. The Reporting Portal will enable the Reporting Entity to avail the various web services provided by the ITD and also keep track of the status of the various statements uploaded and processed. 2. What are the different categories for Reporting Entities? There are two set of...
2.2 Reporting Entity Users
1. Who are the Reporting Entity users? Principal Officer, Designated director, Nodal officer, Alternate Nodal Officer and other users. 2. Who is the Designated Director and Principal Officer? As per Explanation 1 to Rule 114E of the Income-Tax Rules, a “Designated Director” means a person designated by the reporting person to ensure overall compliance with the obligations imposed under section 285BA and rules 114B to 114E and includes— (i) the Managing Director or a whole-time Director duly a...
2.3 Details Submission
1. Whether the Reporting Entity details and Reporting Entity users’ details needs to be submitted separately? No. It is all part of a single registration process. 2. Is it necessary to provide details of all the users at the time of registration? No. Only Reporting Entity details and Principal Officer details are mandatory at the time of registration to obtain ITDREIN. Other users can be added from the profile section at Reporting Portal later.
3.1 Reporting Portal login
1. Who can log into Reporting Portal? Users who have been registered as Reporting Entity Users and have obtained a user ID and password after registration can log into the Reporting Portal with the login details. 2. What are the credentials required to login to Reporting Portal? The User ID required is the PAN of the registered user who is logging into the reporting portal. Please note that the user cannot log in using PAN of a reporting entity. The PAN of the individual user must be entered...
3.2 Forgot Password
1. How can user retrieve forgotten password? User can retrieve password by following methods: 1. OTP Based a. Over Email b. Over SMS 2. Answer Security Question For details, please refer“Reporting Portal User Guide.”
4.1 Adding/Deactivating User
1. Who can add/deactivate Reporting Entity users? Principal Officer can Add or Deactivate other users. 2. How can users be added to Reporting Entity? Step 1: Login to Reporting Portal Step 2: Go to “Profile” Section Step 3: Select “Manage Users” Step 4: Click on “Add Users” Step 5: Enter User details Step 6: Click on Submit For more details refer “Reporting Portal User Guide”in Resources section of Reporting Portal. 3. How to deactivate any user? Step 1: Login to Reporting Portal Step 2: Go t...
4.2 Updating Profile details
1. Can principal officer update profile of all the users? No. The Principal Officer cannot update the profile of other users. However, Principal Officer will approve the profile change request by other users. 2. Who can update the Reporting Entity details? Principal officer can update the Reporting Entity details (Address & Contact Details). However information under the basic details tab cannot be changed. 3. Will Reporting Entity users’ profile change go for verification to income tax Depar...
4.3 Digital Signature
1. What is Digital Signature? As per Explanation to sub-rule 4(a) of Rule 114E, “Digital Signature” means a digital signature issued by any Certifying Authority authorised to issue such certificates by the Controller of Certifying Authorities. Please refer section “Upload of SFT through Submission Utility” for more details on digital certificate. 2. Whose digital signature is required to sign the XML? The form is required to be submitted using a Digital Signature Certificate of the Designated...
5.1 SFT Reporting Obligation
1. What is the legal framework for reporting Statement of Financial Transactions (SFT)? Section 285BA of the Income Tax requires specified reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in Form No. 61A. 2. Who is required to file Statement of Financial Transactions (SFT)? As per Rule 114E,...
5.2 SFT Reporting Format
1. What is prescribed format for statement of financial transaction (SFT)? All statements uploaded to the Reporting Portal should be in the XML format consistent with the prescribed schema published by the Income-tax Department. The Reporting entities may use the utilities provided by the Income-tax Department or third party utilities for preparation of XML file. For more details refer “Report Generation Utility User Guides” available in “Resources” section of Reporting Portal. 2. What is a S...
5.3 Preparation of SFT using Report Generation Utility
1. What is a Report Generation Utility? Report Generation Utility is a desktop utility based on java. The utility enables user to generate and validate XML file which is to be submitted to Income-tax Department. 2. How to download and install the Report Generation Utility on a windows platform? The Report Generation Utility can be downloaded from “Resources” section of the Reporting Portal. The downloaded zip file has to be extracted using WinZip or Win RAR tools. 3. Is any other software req...
Learn about the reporting obligations, forms and procedures for third party reporting under section 285BA of the IT Act. Find answers to common questions on registration, login, submission, validation and data quality reports.
Filing of Statement of Financial Transactions (SFT) Online. 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 schema published by the Income Tax Department.
People also ask
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Dec 31, 2019 · Learn the process of registering on Reporting Portal, a web interface between Reporting Entities and the Income-tax Department for furnishing statement of financial transactions. Find answers to common questions and FAQs on Form 61A, Form 61B and ITDREIN.
