Extension of Last-Due date for filing SFT Form 61A to 30-06-2017- Download CBDT Order u/s 119

SFT form 61A filing last date extended to 30-06-2017 by CBDT

CBDT vide order u/s 119 has extended the last/due date for filing SFT to 30-06-2017. As per CBDT order dated 31st May, 2017, the date has been extended in order to remove inconvenience and to facilitate ease of compliance.

Download Extension Order Click Here >>

 Extension of Last-Due date for filing SFT Form 61A – This was very much expected

The  last date of filing the Statement of Financial Transactions (SFT) in Form No. 61A under Rule 114E of the Income-tax Rules 1962 is nearing its deadline. SFT or AIR (as it was known previously) returns are required to be filed on or before 31^st May, 2017.

Reporting entities are required to submit SFT online through income tax website.

However, when only five days are left before the said due date expires, substantial number of reporting entities are either blissfully ignorant of the requirement of filing SFT or have serious misconceptions and/or doubts regarding the understanding and applicability of the reporting requirements as per SFT Rule 114E. In particular assessees covered under Tax Audit u/s 44AB who have been covered under reporting requirements for the very first time are yet to wake up to the world of SFT.

On several points with respect to the provisions relating to the SFT, even professionals do not seem to have a unison of thought. Even Direct Taxes Committee of ICAI has stated that it is receiving a number of queries seeking clarification regarding submission of SFT in case there are no reportable transaction and requirement of submission of the “SFT Preliminary Response”.

Thus, it would not amount to exaggeration to say that to a large number of entities, SFT is still shrouded with mysteries and is yet to be discovered.

It is learnt that few stakeholders  are planning to move a representation to CBDT for extension of last date for filing of SFT for FY 2016-17. It is also learnt that a delegation of ICAI, Nagpur Branch has already submitted a such representation to local tax authorities.

In view of the prevailing ignorance and/or confusion with respect to SFT filing requirement coupled with hefty consequential penalties, in the interest of the assessees, it is not only desirable but highly expected that CBDT shall undoubtedly extend the due date for filing of the SFT in Form 61A under Rule 114E. Taking a clue from the past, may be just one or two day before the last date i.e., on 29^th to 30^th May, 2017.

Please bookmark this page. We will be updating it with the relevant order or notification if and when CBDT extends the due date for filing SFT in form 61A.