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.<\/p>\n
Following are the some of the specified Financial Transactions required to furnish the statement of Financial Transactions (SFT). (Details refer Rule 114 E).<\/p>\n
\u00b7 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.<\/p>\n
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.<\/p>\n
Reporting requirements
\nIncome Tax Department Reporting Entity Identification number (ITDREIN) is mandatory when at least one of the Transaction Type is reportable. However a functionality of \u201cSFT Preliminary Response\u201d 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.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-19","post","type-post","status-publish","format-standard","hentry","category-income-tax"],"_links":{"self":[{"href":"https:\/\/sonycl.com\/blog\/wp-json\/wp\/v2\/posts\/19","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sonycl.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sonycl.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sonycl.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sonycl.com\/blog\/wp-json\/wp\/v2\/comments?post=19"}],"version-history":[{"count":2,"href":"https:\/\/sonycl.com\/blog\/wp-json\/wp\/v2\/posts\/19\/revisions"}],"predecessor-version":[{"id":22,"href":"https:\/\/sonycl.com\/blog\/wp-json\/wp\/v2\/posts\/19\/revisions\/22"}],"wp:attachment":[{"href":"https:\/\/sonycl.com\/blog\/wp-json\/wp\/v2\/media?parent=19"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sonycl.com\/blog\/wp-json\/wp\/v2\/categories?post=19"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sonycl.com\/blog\/wp-json\/wp\/v2\/tags?post=19"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}