The Central Board of Direct Taxes (CBDT) has cautioned the tax payers to furnish the Statement of Financial Transaction (SFT) by 31st May 2018. Section 285BA of the Income Tax Act, 1961 mandates furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-Tax Rules, 1962. The due date for filing such SFT in Form 61A in respect of specified financial transactions registered or recorded during the Financial Year 2017-18 is 31st May 2018.
Delay in filing SFT would result in imposing penalty of Rs. 1000 for each day of default. Filing inaccurate statement may also lead to levy of penalty, the Board reminded.
Last year, the CBDT had extended the due date of furnishing of the SFT under Rule 114E (5) of the IT Rules, read with sub-section (1) of section 285BA of the Income Tax Act, 1961 in respect of specified financial transactions registered or recorded during Financial Year 2016-17, from 31st May 2017 to 30th June 2017 in view of the representations and in order to remove inconvenience and to facilitate ease of compliance.
