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What is a Statement of Financial Transaction (SFT)? Filers must provide a statement of financial transaction or reportable account for their defined financial transactions. Such information reported will be reflected in the AIS - Annual Information statement of the taxpayer.
Nov 4, 2023 · Dive into the intricacies of the Statement of Financial Transaction (SFT) in India. Learn about reportable transactions, entities filing statements, and consequences of non-compliance. Explore the significance of SFT in pre-filing income returns, the registration process, and reporting obligations for financial institutions under the Income Tax ...
- 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.
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.
Apr 3, 2024 · 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 is furnished in Form No. 61A.
May 21, 2020 · Learn what SFT is, who is a reporting entity, what are the forms and due dates, and what are the consequences of non-compliance. Consultease provides a comprehensive guide on SFT with examples and FAQs.
Dec 5, 2023 · Explore the essentials of Statement of Financial Transactions (SFT) under the Income Tax Act in India. Understand its meaning, who needs to file, the due date, associated penalties, and the designated forms (Form 61A / Form 61B). Ensure compliance to avoid penalties.
