Deadline Alert: File Income Tax SFT Today to Avoid Penalties:

Deadline Alert: File Income Tax SFT Today to Avoid Penalties Statement of Financial Transactions (SFT) is a document that must be filed by certain prescribed entities in India. The SFT provides information on specified financial transactions or any reportable account registered,recorded,maintained by the entity during the year. SFT which monitors the high-value transactions by the taxpayer during the financial year. All taxpayers must do SFT reporting for their defined financial transaction by submitting Form 26AS when filing income tax. The Income Tax Department has tweeted informing about the deadline for filing of SFT. “Last date to file Statement of Financial Transactions (SFT) for FY 2023-24 is May 31st, 2024.” Delay in filing SFT may entail penalty up to Rs 1000 for each day of default. Non-filing or filing inaccurate statements may also lead to levy of penalty," the IT department said.