Last Date for Filing SFT Coming Soon; Know all about SFT

The Income Tax Department has notified the taxpayers that the last date for filing SFT is coming soon. The last date for SFT Filing is 31st March 2024.

Statements of Financial Transactions are specified or reportable financial transactions that occurred during the financial year, such as the purchase of mutual funds, stocks, cash deposits in excess of Rs.10 lakhs, etc.

Who is required to file SFT?

Individuals who are from the following categories, need to file the Statement of Specified Financial Transactions (SFT).

If You are:-

• Sub Registrar
• Co-operative Bank
• Postmaster General
• Issuer of Bonds, Debentures and Shares
• Banking Company
• NBFC
• Nidhi
• Trustee of Mutual Fund or managing the affairs of Mutual Fund
• Foreign Exchange Dealer
• Company paying Dividend
• Supplier of Goods and Services (whose accounts are required to be audited u/s 44AB of the IT Act, 1961)

What Form need to file for SFT?

Those who are eligible, are required to file a Statement of Specified Financial Transactions (SFT) in Form No.61A for transactions entered with third parties during F.Y 2023-24 as per Rule 114E of Income Tax Rules 1962.

What is the process for Registration and Submission?

1. One can visit the Income Tax Reporting Portal, and File the SFT form from there.

2. Post Offices and Sub-Registrars can submit their statements to TIN facilitation centres.

3. Details are also available at the TIN NSDL portal.

What if you fail to file SFT on time?

For delay in filing SFT, you may be liable for a penalty of upto Rs.1000 for each day of default.

Non-Filing or Filing inaccurate statements may also lead to a levy of a penalty.