Income Tax Department has issued an advisory/reminder on filing of Statement of Financial Transaction which is required to be filed latest by 31-05-2018 for FY 2017-18
The following category of persons are required to file online SFT:
- Sub-registrar
- Cooperative Bank
- Banking Company
- NBFC
- Nidhi
- Post Master General
- Issuer of Bonds/debentures/shares
- Trustee of Mutual Funds
- Foreign Exchange Dealer
- Supplier of Goods or Services (who are covered under Tax Audit u/s 44AB)
If above category of persons are required to file online Statement of Financial Transaction (SFT) in Form No. 61A for specified transactions entered into with third parties during financial year 2017-18.
Delay in filing SFT is liable to penalty up to Rs. 1000/- for each day of default. Also, filing inaccurate particulars would also invite penalty.
Also Read:
Procedure for filing SFT has been modified and registration, statement upload and all other facilities for Form No. 61, 61A and 61B have been migrated Read more >>
Guidelines for Preparation of SFT us 285BA Rule 114E. Statement of financial transaction Form No. 61A Read More >>
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