Directorate of Income Tax (Intelligence and Criminal Investigation), Mumbai
Submission of Statement of Financial Transactions (SFT) in Form 61A – Due date- 31st May of the FY, immediately following the FY in which the transaction is recorded or registered.
Note: Due to COVID-19, the due date of SFT compliance for FY 2019-20 has been extended from 31st May, 2020 to 31st March, 2021.
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 of Rs. 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 |
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(Republished with Amendments by Team Taxguru)
Dear Sir/ Mem
IN AY 2016-17 detail of cash transition need to justify in SFT 01-04-2016 to 31-03-2017 or 09-11-2016 to 31-03-2017 ???
Dear Sir,
In my company, we have submitted NIL report for Form 61A, but subsequently some records to be reported in Form 61A. But the correction statement requires original statement number. What is the original statement number for Nil report.
Pl clarify.
alwar
whether all the time deposits opened by transfer also to be reported or only fresh deposits are to be reported please reply sir?
Is a salaried employee need to file statement of financial transaction (SFT) for sale/purchase of immovable property?
If a mistake take place in submitting SFT response as “nill transaction in place of Yes”,in case of shares. What was the solution.
A strong civil disobedience movement is required against ” TAX TERRORISM” in India. Would ICAI take lead.,keeping aside its professional interest?
The CSV file has 43 column headings. None of them are self explanatory. Can anyone help on that?
HOW TO FILE FORM 61A
whether Chit fund companies receiving subscription has to file form 16A
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.
Is freight payment or receipt above 2 lacs from any party is to be reported under 61A
If there is no high value cash transaction, then also form 61A need to be filled ?
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.
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
Could you please clarify regarding aggregation rule for receipt of cash for goods and services
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.
NIL statement is also required to be filed for SFT
Whether the schools who receive school fees in cash aggregating to more than Rs. 2 lakhs need to file sft in form 61a.
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?