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Chartered Accountants

CBDT has extended the due/last date for filing SFT to 30/06/2017 Click Here to Read >>

CBDT Clarification dated 26/05/2017 on furnishing SFT form 61A and Preliminary Response to Nil specified transaction for the year Click Here to Read >>

SFT Report Generation Utility Procedure and User guide Click Here >>

FAQ on Preparation, Validation and Generation of SFT in Form No. 61A Click Here >>

Amendment to Rule 114B and 114E for cash deposit between 9th November, 2016 to 30th December, 2016:

CBDT has further amended Rules 114B, 114C, 114D and 114E by Notification No. 02/2017 dated 06-01-2017 providing for no withdrawal from bank with substantial credit/deposits if PAN for Form 60 is not provided. Also Bank have been made to report cash deposits between 01-04-2016 to 09-11-2016 Click Here >>

Notification No. 104 of 2016 specifying reportable cash deposit limits Click Here >>

Earlier Amendments

CBDT vide notification no. 95/2015 [F.No.142/28/2012-(SO)TPL] dated 31-12-2015 has notified new Rules 114B, 114C 114D and 114E as under:

Rule	Subject	Effective from
114B	Transactions in relation to which permanent account number is to be quoted in all documents for the purpose of clause (c) of sub-section (5) of section 139A	01-01-2016
114C	Verification of Permanent Account Number in transactions specified in rule 114B	01-01-2016
114D	Time and manner in which persons referred to in rule 114C shall furnish a statement containing particulars of Form No. 60	01-01-2016
114E	Furnishing of statement of financial transaction in Form-61A	01-04-2016

Filing of Statement of Financial Transaction (SFT)/Annual Information Return (AIR)

Filing of NIL SFT if mandatory?

Many professional seems to be under doubt if NIL SFT is to be furnished. Please note that filing of NIL SFT is not envisaged in the Act as the liability to file SFT has been cast on the person having any reportable transaction and not otherwise. Also the Notification issued in this regard leaves no doubt on this. Filing SFT is obligatory only if there are any reportable transactions and not otherwise.

It is so unfortunate to see that even professionals like chartered accountants lack confidence to believe on their skills on interpretation of tax law and look forward to sarkari babu's wishful thinking as per their tweets and other social media platforms

CBDT Clarification dated 26/05/2017 on furnishing SFT form 61A and Preliminary Response to Nil specified transaction for the year Click Here to Read >>

(1) The statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in respect of a financial year in Form No. 61A and shall be verified in the manner indicated therein.

(2) The statement referred to in sub-rule (1) shall be furnished by every person mentioned in column (3) of the Table below in respect of all the transactions of the nature and value specified in the corresponding entry in column (2) of the said Table in accordance with the provisions of sub-rule (3), which are registered or recorded by him on or after the 1st day of April, 2016, namely:—

Sl No.	Nature and value of transaction	Class of person (reporting person)
1.	(a) Payment made in cash for purchase of bank drafts or pay orders or banker’s cheque of an amount aggregating to ten lakh rupees or more in a financial year. (b) Payments made in cash aggregating to ten lakh rupees or more during the financial year for purchase of pre-paid instruments issued by Reserve Bank of India under section 18 of the Payment and Settlement Systems Act, 2007 (51 of 2007). (c) Cash deposits or cash withdrawals (including through bearer’s cheque) aggregating to fifty lakh rupees or more in a financial year, in or from one or more current account of a person	A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution
2	Cash deposits aggregating to ten lakh rupees or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.	(i) A banking company or a co-operative (ii) Post Master General
3	One or more time deposits (other than a time deposit made through renewal of another time deposit) of a person aggregating to ten lakh rupees or more in a financial year of a person.	(i) A banking company or a co-operative bank (ii) Post Master General ( iii) Nidhi (iv) Non-banking financial company
4	Payments made by any person of an amount aggregating to- (i) one lakh rupees or more in cash; or (ii) ten lakh rupees or more by any other mode, against bills raised in respect of one or more credit cards issued to that person, in a financial year	A banking company or a co-operative bank or banking institution or any other company or institution issuing credit card
5	Receipt from any person of an amount aggregating to ten lakh rupees or more in a financial year for acquiring bonds or debentures issued by the company or institution (other than the amount received on account of renewal of the bond or debenture issued by that company).	A company or institution issuing bonds or debentures
6	Receipt from any person of an amount aggregating to ten lakh rupees or more in a financial year for acquiring shares (including share application money) issued by the company	A company issuing shares
7	Buy back of shares from any person (other than the shares bought in the open market) for an amount or value aggregating to ten lakh rupees or more in a financial year	A company listed on a recognised stock exchange purchasing its own securities under section 68 of the Companies Act, 2013
8	Receipt from any person of an amount aggregating to ten lakh rupees or more in a financial year for acquiring units of one or more schemes of a Mutual Fund (other than the amount received on account of transfer from one scheme to another scheme of that Mutual Fund)	A trustee of a Mutual Fund or such other person managing the affairs of the Mutual Fund as may be duly authorised by the trustee in this behalf
9	Receipt from any person for sale of foreign currency including any credit of such currency to foreign exchange card or expense in such currency through a debit or credit card or through issue of travellers cheque or draft or any other instrument of an amount aggregating to ten lakh rupees or more during a financial year.	Authorised person as referred to in clause (c) of section 2 of the Foreign Exchange Management Act, 1999
10	Purchase or sale by any person of immovable property for an amount of thirty lakh rupees or more or valued by the stamp valuation authority referred to in section 50C of the Act at thirty lakh rupees or more	Inspector-General appointed under Registration Act, 1908 or Registrar or Sub-Registrar
11	Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature (other than those specified at Sl. No. 1 to 10 of this rule, if any.	Any person who is liable for audit under section 44AB of the Act.

Rule 114-B Click Here >>
Rule 114-C and 114-D Click Here >>
Download Notification No. 95/2015 Click Here >>

Filing of Statement of Financial Transaction SFT u/s 285BA-Form-61A CBDT Notification-95/2015 New Rule 114E