FAQ of Statement of Financial Transaction (SFT)

FAQ of Statement of Financial Transaction (SFT) of Income Tax Act as released on Tax Information Network Website. Who is required to su

CA Deepak Gupta

Mar 12, 2018

Last update on Mar 12, 2018

FAQ of Statement of Financial Transaction (SFT) of Income Tax Act as released on Tax Information Network Website.

Who is required to submit Statement of Financial Transaction (SFT)

- Section 285BA of the Income Tax specified reporting persons to furnish Statement of Financial Transaction (SFT). - Rule 114E of the Income Tax Rules, 1962 specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in Form No. 61A.

From which Financial Year Statement of Financial Transaction (SFT) is applicable

- Filing of SFT statement is applicable from FY 2016-17 onwards and statements prior to FY 2016-17 to be furnished as Annual Information Return (AIR).

How do I get the utility (i.e. software) for preparing statement (Form 61A) in XML file and generation of physical control sheet form

a. Please go to e-filing portal at https://incometaxindiaefiling.gov.in b. Click on the Forms (other than ITR) tab under the Downloads section. c. Click on the Download link against Form 61A to download the Utility. d. It allows the user to save the file in the location selected by the user.

What is the due date for furnishing Statement of Financial Transaction (SFT) for Financial Year 2016-17

- Due date for furnishing SFT statement for FY 2016-17 is May 31, 2017

Where to submit the Statement of Financial Transaction (SFT)

- Post Offices and Sub-Registrars can submit SFT statements to TIN Facilitation Centers (TIN-FCs) and all the other category of filers should furnish the statement online at e-Filing portal of Income Tax Department. - The address details of TIN-FCs is available at TIN website link https://www.tin-nsdl.com/tin-facilities.html

What are the pre-requisites to submit the SFT statement at TIN FC

- The pre-requisites are as under to submit the SFT statement at TIN FC 1.) Signed control sheet of Form 61A (generated from the utility downloaded from https://incometaxindiaefiling.gov.in/ 2.) Form 61A i.e. XML file in in electronic form in computer media (CD)

What are the charges for furnishing the SFT at TIN FCs

You have to pay charges as mentioned below for furnishing the SFT at TIN FCs: The tax payer can contact its local post office with the speed post ref no displayed at the NSDL-TIN website

Number of records /transacting parties in the file	Upload Fee
Up to 100	38.00
101 to 1000	178.00
More than 1000	578.50

* Excluding taxes as applicable

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CA Deepak Gupta

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