SFT

FAQs on Reporting Portal, Form 61A, Form 61B, Form 60 & Form 61

Income Tax - Reporting Entity or Reporting Person is an entity which is required to furnish a Statement of Financial Transaction (in Form 61 A) or Statement of Reportable Account (in Form 61B) with the Income tax Department as per the provisions of section 285BA of the Income-tax Act 1961. ...

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Nil statement in form 61A of SFT- Optional or Compulsory?

Income Tax - Now days a question is coming to the mind of many professional that in case of an entity who has not entered into any of the Specified or reportable financial transactions in Financial Year 2016-17 but who falls into the class of person (reporting person) under Section 285BA Read with Rule 114E of Income Tax Rules, are they required to fi...

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How to Register on Specified Financial Transaction Reporting Portal

Income Tax - The Reporting Portal allows reporting entities to register themselves with the Income Tax Department (ITD). To access the portal, visit the URL: https://report.insight.gov.in...

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File Statement of Financial Transactions (Form 61A) by 31st May

Income Tax - DON'T MISS THE DEADLINE of 31st May 2018 to file Statement of Financial Transactions (SFTs) Online in Form No. 61A for specified financial transactions entered with third parties during F.Y. 2017-18...

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Statement of Financial Transactions Sec 285BA of Income Tax Act, 1961

Income Tax - Statement of Financial Transaction (SFT) I. Introduction In order to keep a track of the high value transactions undertaken by the taxpayers, a new Form 61A under Sec 285BA was introduced w.e.f 1st April, 2004 vide Notification No. 182/2005, dated 11/07/2005. This section required reporting persons to furnish Annual Information Return (AI...

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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....

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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....

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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....

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Companies to furnish Statement of Financial Transactions to Income Tax Department

Income Tax - As per Rule 114E of the Income Tax Rules 1962, for and from 2016-­17, all companies have to be furnish SFT in respect of certain specified transactions as tabulated below:...

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Interest and Dividend reporting under Income Tax of Custodial A/cs

SEBI Circular No. CIR/HO/MIRSD/MIRSD2/CIR/P/2017/59 - (15/06/2017) - In terms of Rule 114G(1)(e)(i) of Income Tax Rules, 1962 issued under Section 285BA of Income Tax Act, 1961 following information is required to be reported by reporting financial institution in the case of reportable custodial account:-...

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SFT return filing due date extended to 30th June 2017

F NO.279/Misc./M-63/2017-ITJ - (31/05/2017) - CBDT hereby extends date of furnishing of statement of financial transactions under Rule 114E(5) of Rules, r.w. section 285BA for Assessment Year 2017-18 front 31st May 2017 to 30th tune 2017 in case of persons throughout India who are liable to furnish the said statement....

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Submission of SFT relating to issue of Bonds for ₹ 5 lakh or more- Reg.

RBI/2016-17/313 IDMD.CDD.No.3058/13.01.299/2016-17 - (30/05/2017) - It is observed that a few Agency banks were submitting Annual Information Returns (AIR, now changed to SFT) in respect of Savings Bonds to Income Tax Authorities as well as to RBI....

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Procedure for Acceptance of SFTs from Sub-Registrar Office & Post Offices

Notification No. 7/2017-Income Tax - (30/05/2017) - Procedure for Acceptance of Statement of Financial Transactions from Sub-Registrar Office and Post Offices (SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962 ...

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RBI advisory to banks on Submission of SFT

RBI/2016-17/309 IDMD.CDD.No.3031/13.01.299/2016-17 - (25/05/2017) - RBI Advisory on Submission of Annual Information Return now known as Statement of Financial Transaction (SFT) relating to issue of Bonds for ₹ 5 lakh or more under Section 285 BA of Income Tax Act, 1961- ...

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Recent Posts in "SFT"

FAQs on Reporting Portal, Form 61A, Form 61B, Form 60 & Form 61

Reporting Entity or Reporting Person is an entity which is required to furnish a Statement of Financial Transaction (in Form 61 A) or Statement of Reportable Account (in Form 61B) with the Income tax Department as per the provisions of section 285BA of the Income-tax Act 1961. ...

Read More
Posted Under: Income Tax |

Nil statement in form 61A of SFT- Optional or Compulsory?

Now days a question is coming to the mind of many professional that in case of an entity who has not entered into any of the Specified or reportable financial transactions in Financial Year 2016-17 but who falls into the class of person (reporting person) under Section 285BA Read with Rule 114E of Income Tax Rules, are they required to fi...

Read More
Posted Under: Income Tax | ,

How to Register on Specified Financial Transaction Reporting Portal

The Reporting Portal allows reporting entities to register themselves with the Income Tax Department (ITD). To access the portal, visit the URL: https://report.insight.gov.in...

Read More
Posted Under: Income Tax |

File Statement of Financial Transactions (Form 61A) by 31st May

DON'T MISS THE DEADLINE of 31st May 2018 to file Statement of Financial Transactions (SFTs) Online in Form No. 61A for specified financial transactions entered with third parties during F.Y. 2017-18...

Read More
Posted Under: Income Tax | ,

Statement of Financial Transactions Sec 285BA of Income Tax Act, 1961

Statement of Financial Transaction (SFT) I. Introduction In order to keep a track of the high value transactions undertaken by the taxpayers, a new Form 61A under Sec 285BA was introduced w.e.f 1st April, 2004 vide Notification No. 182/2005, dated 11/07/2005. This section required reporting persons to furnish Annual Information Return (AI...

Read More
Posted Under: Income Tax |

Steep Increase in Penalty for failure to furnish SFT or reportable a/c

Section 271FA of the Act provides that if a person who is required to furnish the statement of financial transaction or reportable account under sub-section (1) of section 285BA, fails to furnish such statement within the prescribed time, he shall be liable to pay penalty of one hundred rupees for every day of default....

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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)....

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Posted Under: Income Tax |

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

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....

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Posted Under: Income Tax |

Obligation to Furnish Statement of Financial Transaction (SFT) or Reportable Account Under Provisions of Section 285BA of the Income Tax Act, 1961

The person required to furnish details in the Form 61A according to the provisions of Rule 114E, the same shall be furnished to the Director of Income Tax (Intelligence and Criminal Investigation) or the Joint director of Income Tax (Intelligence and Criminal Investigation) through online....

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Posted Under: Income Tax |

Interest and Dividend reporting under Income Tax of Custodial A/cs

SEBI Circular No. CIR/HO/MIRSD/MIRSD2/CIR/P/2017/59 (15/06/2017)

In terms of Rule 114G(1)(e)(i) of Income Tax Rules, 1962 issued under Section 285BA of Income Tax Act, 1961 following information is required to be reported by reporting financial institution in the case of reportable custodial account:-...

Read More

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