Directorate of Income Tax (Intelligence and Criminal Investigation), Mumbai

Submission of Statement of Financial Transactions (SFT) in Form 61A –  Due date- 31.5.2017

Legal Framework

Section 285BA- Obligation to furnish Statement of Financial Transactions (SFT)

Rule 114E – Furnishing of Statement of Financial Transactions in Form 61A

Form 61A  –  Format and Instructions

IDENTIFYING TRANSACTIONS TO BE REPORTED – SUB-RULES OF RULE 114E

Class of persons (reporting person) Nature and Value of Transaction
Banks Cash payment for purchase of DDs/POs of amount aggregating Rs 10 lakh or more in a year ET
Banks Cash payment of Rs 10 lakh or more for purchase of prepaid RBI instruments (RBI bonds, etc.)
Banks Cash deposit/withdrawal aggregating Rs 50 lakh or more from current a/c of a person
Banks/Post Master General Cash deposit aggregating Rs 10 lakh or more in any one or more accounts of a person (other than current account and time deposit)
Banks/Post Master General/Nidhi/NBFC One or more time deposits (other than those through renewal of another time deposit) of a person aggregating Rs 10 lakh or more
Banks Payment in cash aggregating in a year Rs 1 lakh or more (in cash) or Rs 10 lakh or more (by any other mode) against credit card bill issued to a person during the year
Company/Institution issuing bonds/debentures Receipt aggregating Rs 10 lakh or more in a year from a person for acquiring bonds/debentures
Company issuing shares Receipt from a person aggregating Rs 10 lakh or more for acquiring shares (including share application money)
Company listed in recognized stock exchange Buy back of shares from any person (other than bought from open market) for an amount aggregating Rs 10 lakh or more
Mutual Fund Trustee/Manager Receipt from a person aggregating Rs 10 lakh or more for acquiring units of Mutual Fund
Foreign Exchange Dealer Receipt from a person for sale of foreign currency, including against foreign exchange card or expenditure in such currency against debit/credit card or issue of travellers cheque or draft aggregating Rs 10 lakh or more
IG Registration or Registrar/Sub-Registrar of Property Purchase/Sale by any person of immovable property for Rs. 30 lakh or more or valued by the stamp valuation authority at Rs 30 lakh or more
Any person liable for audit u/s 44AB of the Act Receipt of cash payment exceeding Rs 2 lakh by any person for sale of goods/services (other than those specified above)

Aggregation Rule

♠ Applicable for all transaction types except SFT- 012 (Purchase or sale of immovable property) and SFT- 013 (Cash payment for goods and services).

♠ Reporting person shall, while aggregating the amounts for determining the threshold amount for reporting in respect of any person

(a) take into account all the accounts of the same nature maintained in respect of that person during the financial year;

(b) aggregate all the transactions of the same nature recorded in respect of that person during the financial year;

(c) attribute the entire value of the transaction or the aggregated value of all the transactions to all the persons, in a case where the account is maintained or transaction is recorded in the name of more than one person;

Consequences of non-compliance

Penalty @ Rs.100/- per day of default

Penalty, on non-compliance to notice calling for return, @ Rs. 500/- per day

Penalty ofRs. 50,000/- for providing inaccurate information in the statement

RECENT NOTIFICATIONS

Notification No. 95 dt 30th Dec 2015

Notification dt 30th Dec 2016- registration for filers

Notification dt 17th Jan 2017 (Explanation/Guidance)

Resource Description Where Available
Systems Notification No.1 dated 17 Jan 2017 on SFT Notification issued by the Directorate of Systems specifying the procedures, data structures and standards for ensuring secure capture and transmission of data, evolving and implementing appropriate security, archival and retrieval policies E-filing Portal (https://incometaxindiaefiling.gov.in ) and National Website (http://www.incometaxindia.gov.in ) of Income Tax Department
User Manual for ITDREIN Registration and Upload User Manual to explain steps in registration of filer and upload of SFT (Form 61A) User Manuals section under the Help Button on E-Filing portal Home page
SFT Report Generation Utility User Guide User Guide to explain steps in using the Java utility to assist the filer in preparation of SFT (Form 61A) in XML file
SFT Quick Reference Guide One    page   document    with          steps   for preparation of SFT
SFT Report Generation Utility Java utility to assist the filer in preparation of SFT (Form 61A) in XML file Forms (Other than ITR) link under the Downloads Section on E-Filing portal Home page
Form 61A Schema (For Developers) XSD file which contains the schema in which SFT (Form 61A) needs to be prepared and uploaded/submitted Schema link under the Downloads Section on E-Filing portal Home page

Read Full Document in PDF Format

Download Submit Statement of Financial Transactions (SFT) in Form 61A by 31.05.2017

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22 responses to “Submit Statement of Financial Transactions (SFT) in Form 61A by 31.05.2017”

  1. krishna says:

    whether all the time deposits opened by transfer also to be reported or only fresh deposits are to be reported please reply sir?

  2. J.Rao says:

    Is a salaried employee need to file statement of financial transaction (SFT) for sale/purchase of immovable property?

  3. Prashanth says:

    If a mistake take place in submitting SFT response as “nill transaction in place of Yes”,in case of shares. What was the solution.

  4. HITESH says:

    A strong civil disobedience movement is required against ” TAX TERRORISM” in India. Would ICAI take lead.,keeping aside its professional interest?

  5. Anand says:

    The CSV file has 43 column headings. None of them are self explanatory. Can anyone help on that?

  6. PACHORKAR says:

    HOW TO FILE FORM 61A

  7. Dharmaraj Wadeyar says:

    whether Chit fund companies receiving subscription has to file form 16A

  8. GANDHI MOHAN BHARATI says:

    One or more time deposits (other than those through renewal of another time deposit) of a person aggregating Rs 10 lakh or more is yo be reported.
    What happens when one splits the deposits or closes them and reinvests them for better earnings? Will they be considered as fresh Deposits,.
    Example –
    Earlier Deposit of 20 lakhs for tenure of 5 years earned 9.00%.
    On maturity, it is reinvested for 1 Year which earns better interest than for 5 Years.
    Will the new Deposit be considered as a Fresh Deposit ?
    Probably the Assesses will get harassed for explanation of this fresh Deposit though it was only a renewal.
    Same thing will happen if the Deposits are transferred from one Bank to the other for better service.

  9. Rohit says:

    Is freight payment or receipt above 2 lacs from any party is to be reported under 61A

  10. rajan says:

    If there is no high value cash transaction, then also form 61A need to be filled ?

    • Subhash Chander says:

      Yes it is necessary to file in case of Tax Audit Only whether there is any transaction or not.

      Subhash Chander
      85120 67120

  11. Ram says:

    is it compulsory to file sft before 31 may 2017 for those entity covered under 44AB, if there is no Such transaction Recorded. or NIL return is Required
    Kindly suggest.

    • Vishal says:

      Login on income tax website, generate ITDREIN and then file a STF response from Compliance tab showing Not Applicable/Nil wherever applicable. For tax audit liable person, not being a company, only for Sr. No. 13, mention NIL, for other transactions, mention ‘Not Applicable’. No need to file Form 61A itself.

  12. Sachin Patil Gadakh says:

    Even if there is no such transaction, then also the form 61 A has to be submitted..? or what is the process in such NIL case..??Please Reply

  13. anil says:

    Could you please clarify regarding aggregation rule for receipt of cash for goods and services

  14. Tax Adv. B.S.K.Rao says:

    Assesses can not do the business & should always go being the Tax Deptt. of Govt. of India. Toglak Sarkar aisa kanun lata hi. Kaya horaha hi India may.

  15. Naveen Khulve says:

    NIL statement is also required to be filed for SFT

  16. Annonymous says:

    Whether the schools who receive school fees in cash aggregating to more than Rs. 2 lakhs need to file sft in form 61a.

  17. Nirav Shah says:

    whether two different xml to be generated for different SFT code related reporting? and combine them in single zip file while uploading? OR two different ITDREIN id to be created for two different reporting of SFT by same Company?

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