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

    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.

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

    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 ...

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  5. 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.

  6. taxguru.in › income-tax › sft-meaning-personsSFT- meaning, persons required to file, Due date and Penalty

    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.

  7. taxguru.in › income-tax › statement-of-financialStatement of Financial Transactions (SFT) and ITDREIN - Tax Guru

    Aug 29, 2020 · Articles explains about What is Statement Of Financial Transactions (SFT) and ITDREIN, Who is reporting authority to file SFT, Which transactions needs to be reported. How to create ITDREIN , Nature and Value of Transactions to be Reported Under Rule 114E, Reporting format and how to report SFT.

  8. learn.quicko.com › sft-statement-of-financialSFT – Statement of Financial Transaction - Learn by Quicko

    Apr 14, 2021 · Statement of Financial Transaction – SFT consists of certain specified financial high-value transactions undertaken by citizens that the Government proposes to track, with an intent to curb black money and widen the tax base in India.

  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. Section 285BA requires specified persons to provide financial statements or reportable accounts to the Income Tax body or other body.