Yahoo India Web Search

Sign In

Search results

  1. People also ask

  2. cleartax.in › s › sftSFT - Statement Of Financial Transaction - ClearTax

    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.

  3. taxguru.in › income-tax › statement-financialStatement of Financial Transaction (SFT) and Reportable Account

    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.

  4. Videos

    View all

  5. report.insight.gov.inIncome Tax Department | Reporting Portal | Project Insight

    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.

  6. taxguru.in › income-tax › statement-financialUnderstanding Statement of Financial Transaction (SFT) - Tax Guru

    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.

  7. cleartax.in › s › form-61aForm 61A – Statement of Specified Financial Transactions (SFT)

    • Which are the Specified Financial Transactions? The specified financial transactions referred above are of following kinds: Sale, purchase or exchange of goods, right, property, or interest in any property.
    • Due Date to File Form 61A. Statement of Financial Transactions needs to be furnished within 31st May of next year for every previous financial year where the transaction occurs.
    • Transactions to be reported in Form 61A. Individuals responsible for furnishing Form 61A. Type of Transaction and limit. Banking Companies and Co-operative Banks.
    • Filing Nil Statement. 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 the CDBT (Central Board of Direct Taxation) on the same which somewhat hasn’t solved the dilemma, however, experts in the field recommend that Nil Statement is not mandatory but to stay on the safer side an assessee could consider filing the STF (Statement of Financial Transactions) or Form 61A.

  8. www.consultease.com › income-tax-complianceComplete Guide on SFT “Specified Financial Transaction”

    May 21, 2020 · Reporting Entity or Reporting Person is an entity that 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.

  9. eztax.in › guide-on-statement-of-financialGuide on Statement of Financial Transaction (SFT) | EZTax®

    Dec 4, 2023 · The Income Tax Department created a Statement of Financial Transactions (SFT) or reportable account to record these transactions. This helps the Income Tax Department collect data and assures taxpayer compliance.