Compliance With Statement of Financial Transaction (SFT)
With effect from
01/04/2015(as substituted by The Finance Act,2014),
and as notified by Notification
No. 1 of 2017, SFT is to be filed
by specified class of persons.
- For the purpose of filing of SFT return, reporting entity has to obtain registration and generate Income Tax Department Reporting Entity Identification Number (ITDREIN).
- SFT returns are required to be e-filed in Form 61A and have to be digitally signed after generating XML file of form 61A.
- SFT is to be Mandatorily filed by the persons liable for audit u/s 44AB.
Detail Analysis With Nature and value of transaction Click here: Checklist to compliance with SFT
- inaccuracy in the information provided return, shall inform such inaccuracy to the prescribed income-tax authority within a period of ten days and furnish the correct information in such manner as may be prescribed.
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