SFT

SFT- meaning, persons required to file, Due date and Penalty

Income Tax - Introduction: The Statement of Financial Transactions (SFT) is a crucial aspect of Income Tax compliance in India. This article delves into the meaning of SFT, the individuals or entities required to file, the due date for filing, associated penalties, and the specific forms involved. What is SFT? SFT stands for Statement of Financial Tra...

Understanding Statement of Financial Transaction (SFT)

Income Tax - In today’s financial landscape, understanding the intricacies of the Statement of Financial Transaction (SFT) is essential for businesses and individuals alike. This comprehensive guide delves into the fundamental provisions of SFT, outlining the entities mandated to file these statements and the specific transactions that require r...

FAQs on Statement of Financial Transactions & Reportable Accounts

Income Tax - To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the concept of statement of financial transaction or reportable account (previously called as Annual Information Return (AIR)....

Penalty for furnishing inaccurate SFT or reportable account – Budget 2023

Income Tax - Penalty for furnishing inaccurate statement of financial transaction (SFT) or reportable account – Budget 2023 Section 285BA of the Act makes it mandatory for a person responsible for registering, or, maintaining books of account or other document containing a record of any specified financial transaction or any reportable account a...

Everything About SFT (Statement of Financial Transactions)

Income Tax - Basic Provisions -SFT is governed by Section 285BA of Income Tax Act, 1961 -Specified persons, assessees and prescribed officers and authorities shall require to furnish SFT -Concept of SFT was framed by Income Tax Law to keep a watch on high value transactions undertaken by Tax-payer Transactions required to be reported Sr. Nature and Va...

Investigation of Reporting Entities by Income-Tax Department

Income Tax - A detailed examination of the Income-Tax Department's investigation into Reporting Entities, with a specific focus on a prominent Tamil Nadu bank. Discover the importance of complete and accurate financial transactions reporting....

Notice to SFT Filers: Extended Filing Period and Helpdesk Support

Income Tax - The Income Tax Department has issued a notice informing all Statement of Financial Transaction (SFT) filers about the challenges faced during the filing process due to heavy traffic on the reporting portal. To ensure a smooth experience for all filers, the department has extended the filing period for SFT returns. Additionally, a dedicate...

5.56 lakh new persons in 2nd phase of Operation Clean Money identified

Income Tax - Income Tax Department has used information received under Statement of Financial Transactions to identify 5.56 lakh new persons in second phase of Operation Clean Money....

CBDT clarifies on SFT & SFT Preliminary Response Filing

Income Tax - Section 285BA of the Income-tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017....

Email on Statement of Financial transactions (SFT) filing by IT Dept.

Income Tax - Statement of Financial transactions (SFT) should be filed by all reporting persons covered under Rule 114E of Income-tax Rules, 1962. Due date for filing the same in Form 61A is 31 May 2017....

ITAT upheld section 271FA penalty for non-filing of SFT

Bharuch Forex Pvt Ltd Vs ADIT (ITAT Surat) - A penalty of was levied under section 271FA of Income Tax Act, 1961. The assessee’s subsequent appeal, stating that SFT was filed when e-filing portal was available, lacked supporting evidence and hence did not hold in court....

AO must specify if ITR not been filed by appellant in his Section 148A(b) order

Ambika Kapur Vs ACIT (Delhi High Court) - Ambika Kapur Vs ACIT (Delhi High Court) Court finds that the primary allegation in the notice issued under Section 148A(b) of the Act is that the petitioner has not filed ITR for the assessment year 2018-19. However, as the said fact has been rebutted by the petitioner, the Assessing Officer should...

No penalty for delay in filing STF Return due to late Receipt of Advisory Notice & SCN

Rewari Central Cooperative Bank Ltd. Vs Directorate of Income Tax (ITAT Delhi) - Assessee has not received advisory notice issued u/s 285 BA (5) and the show cause notice of penalty u/s 271FA due to change of mail id and further contended that, the delay in filing the return was not deliberate....

Section 271FA penalty not leviable in absence of reportable transaction

M/s Guntur District Co-operative Central Bank Ltd. Vs Director of Income Tax (ITAT Visakhapatnam) - Penalty under 271FA was unjustified as there was no requirement to file the AIR in absence of reportable transaction during the financial year and also, department did not make out a case that the assessee had the recorded re portable transactions in the relevant financial year....

Revised SFT Submission Process for Mutual Fund Transactions

Corrigendum to Notification No.4 of 2021 - (15/11/2023) - Revised Format, Procedure and Guidelines for submission of Statement of Financial Transaction (SFT) for Mutual Fund Transactions by Registrar & Share Transfer Agent as per Notification No. 4 of 2021. Find out data field types, DQ rules & file formats mandated by CBDT....

Revised Procedure for submission of SFT for Depository Transactions

Corrigendum to Notification No.3. of 2021 - (15/11/2023) - Understand revised format, procedure & guidelines for submission of Statement of Financial Transactions for Depository Transactions. Now required to be submitted as half-yearly basis instead of quarterly. Notification No. 3 of 2021 explains changes....

Addendum to Notification: Format, Procedure & Guidelines for submission of SFT for Interest income

Notification No. 1 of 2023 - (05/01/2023) - Addendum to Notification 2 of 2021: Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income (Abolishing of limit of Rs 5,000/-)....

Submission of Statement of Financial Transactions for Interest Income-Reg.

SB Order No. 18/2021 - (05/07/2021) - In continuation to the SB Order No. 01/2017 dated 29.03.2017, the undersigned is directed to inform that Government of India, Ministry of Finance, (Dept. of Revenue, CBDT) vide Notification dated 12.03.2021 issued vide GSR 175(E), has inserted the following sub rule in Rule 114E of Income Tax Rules,...

Income Tax Return, Tax Audit due date & Other dates extended

Circular No. 9 of 2021 - Income Tax - (20/05/2021) - The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of section 139 of the Act, is extended to 30th September 2021; 10) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-...

Recent Posts in "SFT"

SFT- meaning, persons required to file, Due date and Penalty

Introduction: The Statement of Financial Transactions (SFT) is a crucial aspect of Income Tax compliance in India. This article delves into the meaning of SFT, the individuals or entities required to file, the due date for filing, associated penalties, and the specific forms involved. What is SFT? SFT stands for Statement of Financial Tra...

Posted Under: Income Tax |

Revised SFT Submission Process for Mutual Fund Transactions

Corrigendum to Notification No.4 of 2021 15/11/2023

Revised Format, Procedure and Guidelines for submission of Statement of Financial Transaction (SFT) for Mutual Fund Transactions by Registrar & Share Transfer Agent as per Notification No. 4 of 2021. Find out data field types, DQ rules & file formats mandated by CBDT....

Revised Procedure for submission of SFT for Depository Transactions

Corrigendum to Notification No.3. of 2021 15/11/2023

Understand revised format, procedure & guidelines for submission of Statement of Financial Transactions for Depository Transactions. Now required to be submitted as half-yearly basis instead of quarterly. Notification No. 3 of 2021 explains changes....

Understanding Statement of Financial Transaction (SFT)

In today’s financial landscape, understanding the intricacies of the Statement of Financial Transaction (SFT) is essential for businesses and individuals alike. This comprehensive guide delves into the fundamental provisions of SFT, outlining the entities mandated to file these statements and the specific transactions that require r...

Posted Under: Income Tax |

Investigation of Reporting Entities by Income-Tax Department

A detailed examination of the Income-Tax Department's investigation into Reporting Entities, with a specific focus on a prominent Tamil Nadu bank. Discover the importance of complete and accurate financial transactions reporting....

Posted Under: Income Tax |

FAQs on Statement of Financial Transactions & Reportable Accounts

To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the concept of statement of financial transaction or reportable account (previously called as Annual Information Return (AIR)....

Posted Under: Income Tax | ,

ITAT upheld section 271FA penalty for non-filing of SFT

Bharuch Forex Pvt Ltd Vs ADIT (ITAT Surat)

A penalty of was levied under section 271FA of Income Tax Act, 1961. The assessee’s subsequent appeal, stating that SFT was filed when e-filing portal was available, lacked supporting evidence and hence did not hold in court....

Notice to SFT Filers: Extended Filing Period and Helpdesk Support

The Income Tax Department has issued a notice informing all Statement of Financial Transaction (SFT) filers about the challenges faced during the filing process due to heavy traffic on the reporting portal. To ensure a smooth experience for all filers, the department has extended the filing period for SFT returns. Additionally, a dedicate...

Posted Under: Income Tax | ,

Penalty for furnishing inaccurate SFT or reportable account – Budget 2023

Penalty for furnishing inaccurate statement of financial transaction (SFT) or reportable account – Budget 2023 Section 285BA of the Act makes it mandatory for a person responsible for registering, or, maintaining books of account or other document containing a record of any specified financial transaction or any reportable account a...

Posted Under: Income Tax |

Everything About SFT (Statement of Financial Transactions)

Basic Provisions -SFT is governed by Section 285BA of Income Tax Act, 1961 -Specified persons, assessees and prescribed officers and authorities shall require to furnish SFT -Concept of SFT was framed by Income Tax Law to keep a watch on high value transactions undertaken by Tax-payer Transactions required to be reported Sr. Nature and Va...

Posted Under: Income Tax |

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