Is SFT reporting mandatory?
Table of Contents
- 1 Is SFT reporting mandatory?
- 2 Who has to file statement of financial transactions?
- 3 Is nil SFT compulsory?
- 4 Who needs to file SFT?
- 5 Is it mandatory to file nil SFT return?
- 6 How do I file a nil SFT preliminary response?
- 7 Who should file SFT – 013 under Section 44AB?
- 8 What is the due date for filing of SFT return?
Is SFT reporting mandatory?
registration) is mandatory only when at least one of the Transaction Type is reportable. A Page 4 functionality “SFT Preliminary Response” has been provided on the e-Filing portal for the reporting persons to indicate that a specified transaction type is not reportable for the year.”
Is it mandatory to file Form 61A?
Answer. Section 285BA of the Income Tax Act, 1961 requires specified reporting persons to furnish statement of financial transaction. It is the not mandatory to file NIL statement of Financial Transaction (Form 61A).
Who has to file statement of financial transactions?
As per Section 285BA of the Income Tax Act, 1961, read with Rule 114E to Rule 114H of the Income Tax Rules, 1962, certain specified entities (i.e., Filers) are required to furnish the details of specified financial transactions or any reportable account registered/recorded/ maintained by them during the financial year …
What is SFT 005 transactions in Form 26as?
SFT-005: 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.
Is nil SFT compulsory?
Income Tax Act does not specifically mandate filing of nil SFT. Further CBDT has released aPress Release on 26/05/2017 which says that The registration of reporting person (ITDREIN registration) is mandatory only when at least one of the Transaction Type is reportable.
How do I file a preliminary response to SFT?
The step-by-step process to registering through this portal is as follows:
- Log in on e-filing portal and select Reporting Portal under My Account.
- Select New Registration and click on Continue.
- Choose the relevant Form Type and Reporting Entity Category and click Next to continue.
Who needs to file SFT?
Nature, value and person responsible to report specified transaction
| SI No | Nature of transaction to be reported | Specified person required to submit SFT |
|---|---|---|
| 5 | Receipt from any person for acquiring bonds or debentures issued by the company or institution (other than renewal) | A company or institution issuing bonds or debentures |
What is SFT filing?
SFT (Specified Financial Transactions) or (Statement of Financial Transactions), is report filed by ‘specified persons’ under Section 285BA of Income Tax Act, 1961 which record transactions exceeding threshold limit including investment and expenditure done by taxpayers in FY.
Is it mandatory to file nil SFT return?
Conclusion : As per Section 285BA of Income Tax Act Read with Rule 114E of Income Tax Rules, Specified Persons having Specified financial transaction or reportable account shall furnish statement of financial transaction with Income Tax Authorities. Income Tax Act does not specifically mandate filing of nil SFT.
Who is liable for SFT return?
Such specified persons who register, maintain or record such specified financial transactions are under a mandate to submit SFT to the income tax authority or such other specified authority or agency.
How do I file a nil SFT preliminary response?
How to file Statement of Financial Transaction online?
- Register yourself on Reporting portal under My Account menu.
- Please note that all statements uploaded to the Reporting Portal should be in the XML format consistent with the prescribed schema published by the Income-tax Department.
Which of the following is not required to file statement of SFT in Form 61A?
Statement in Form 61A not required to be filed by such specified persons in the absence of any specified Transactions. Rule 114E do not specifically mandate filing of nil statement. 1….Nil statement in form 61A of SFT- Optional or Compulsory?
| 1. | Statement of Financial Transactions (SFT) and ITDREIN |
|---|---|
| 2. | FAQs on Statement of Financial Transactions & Reportable Accounts |
Who should file SFT – 013 under Section 44AB?
Any person, whether proprietary concern (Individual) or any other entity, liable for audit under section 44AB, who have received cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature need to file SFT – 013 (Cash payment for goods and services).
Who is required to file statement of financial transactions (SFT)?
WHO IS REQUIRED TO FILE STATEMENT OF FINANCIAL TRANSACTIONS (SFT) As per rule 114E following persons (reporting persons) are required to furnish statement of financial transaction a) Any person who is liable for audit under section 44AB of the Income –tax Act b) A Banking Company
What is the due date for filing of SFT return?
Any person who is liable for audit under section 44AB of the Act. SFT Return- The said return/statement is to be filed in Form 61A. The due date for filing of such return for FY 2017-18 is 31 st May, 2018.
What are the reporting options for SFT code 61B?
Reporting Entity may select any of the following options for each SFT code: The requirement of filing Form 61B is raised for the implementation of FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard). For this purpose rule 114F, 114G and 114H are to be referred.