Income Tax Department reminder on filing of SFT for FY 2017-18-Don’t miss the deadline

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 >>