As per Section 285BA every person who is responsible for registering or maintaining books of account or other document as regards any specified financial transaction or reportable account, to furnish a Statement of Financial Transaction (SFT-Form 61A) to the income-tax authority on or before 31st May 2017.
Following are the some of the specified Financial Transactions required to furnish the statement of Financial Transactions (SFT). (Details refer Rule 114 E).
· Receipt of cash payment exceeding Rs.2 Lakhs for sale of goods or services of any nature by any person who is liable for audit u/s 44AB of the Income Tax Act during the FY 2016-17.
A company issuing shares shall also report receipt from any person of an amount aggregating to ten lakhs rupees or more in a financial year for acquiring shares (including share application money) issued by the company.
Reporting requirements
Income Tax Department Reporting Entity Identification number (ITDREIN) is mandatory when at least one of the Transaction Type is reportable. However a functionality of “SFT Preliminary Response” has been provided on the e-Filing portal for the reporting persons to indicate that a specified transaction type is not reportable for the year.
Assessee have to take an ITDREIN Registration (Income Tax Department Reporting Entity Identification Number) through the existing Income Tax login and upload the Statement of Financial Transaction (SFT ) in Form 61A.