Attention SFT Filers! Meet Deadline of 31st May 2023 to avoid Penalty

By Navasree A.M - On May 26, 2023 2:47 pm - 2 mins read
Attention SFT Filers - Deadline - Penalty - SFT Filers - taxscan

This is an attention post to the Statement of Financial Transactions Filers (SFT) who have not yet filed the same for the Financial Year 2023-24. The last date to file the Statement of Financial Transactions is 31st May 2023.

According to the Income Tax Department, there may be a penalty of up to Rs. 1000 for each day if the Statement of Financial Transactions is not filed by the deadline. Additionally, failure to file or the submitting of false information may result in a fine.

According to Rule 114E of the Income Tax Rules, 1962, SFT filers are obliged to submit Statements of Financial Transactions (SFT) in Form No. 61A for transactions made with third parties during the Financial Year 2022–23.

Who should File SFT

A statement of financial transactions or reportable accounts in respect of specified financial transactions or any reportable accounts registered, recorded, or maintained by specified entities (Filers) during the financial year must be provided to the income-tax authority or such other prescribed authority in accordance with Section 285BA of the Income Tax Act, 1961.

The filers includes:

  1. Sub registrar
  2. Banking Company
  3. NBFC
  4. Nidhi
  5. Sub registrar
  6. Co-operative Bank
  7. Trustee of Mutual Fund or Managing the affairs of Mutual Fund
  8. Foreign Exchange Dealer
  9. Supplier of goods or services (whose accounts are required to be audited under Section 44AB of the Income Tax Act, 1961.
  10. Company paying dividend
  11. Company buying back its shares
  12. Postmaster General
  13. Issuer of bonds, debentures or shares

The statement of financial transaction shall be furnished electronically (under digital signature) in Form No. 61A to the Director of Income-tax (Intelligence and Criminal Investigation) or the Joint Director of Income-tax (Intelligence and Criminal Investigation). However a Postmaster General or a Registrar or an Inspector General may furnish Form No. 61A in a computer readable media being a Compact Disc or Digital Video Disc (DVD), along with the verification in Form-V on paper.

Remember:

  1. Last Date: 31st May 2023
  2. Penalty – Rs. 1000 for each day default
  3. Non – filing or inaccurate filing attracts a penalty too

Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates

Topics

taxscan-loader