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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.
Statement of financial transaction in respect of specified transactions registered or recorded in the Financial Year 2016-17 is to be filed on or before 31st May, 2017.
Users who have already registered in e-Filing portal can use this functionality to generate ITDREIN (Income Tax Department Reporting Entity Identification Number) and upload certain forms in e-Filing portal using the generated ITDREIN.
Section 285BA of the Income Tax requires specified reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in Form No. 61A.
Nature and value of transactions to be reported under Rule 114E and General Guidelines for Preparation of Statement of Financial Transactions (SFT)
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:
Cash deposits during the period 1st April, 2016 to 9th November, 2016 in respect of accounts that are reportable to be reported by Banks and Post Office.
Procedure for registration for statement of financial transactions (SFT) as per section 285BA of Income-tax Act 1961 read with Rule 114E of Income-tax Rules, 1962
CBDT amended Rule 114B (mandatory quoting of PAN) and Rule 114E (reporting in AIR) casting regulatory and reporting obligations on banks and post offices for accepting and reporting of cash deposits in the bank and post office accounts.
Cash deposits,- (i) exceeding fifty thousand rupees during any one day; or (ii) aggregating to more than two lakh fifty thousand rupees during the period 09th November, 2016 to 30th December, 2016
