CBDT enables Filing of Statement of Financial Transaction at TIN Facilitating Centers [Read Notification]

The Central Board of Direct Taxes (CBDT) enabled filing of Statement of Financial Transaction (SFT) at Tin Facilitating Centers (TIN-FC).

A notification No 1 of 2017 dated 17^th January 2017 was issued wherein a detailed Procedure for registration and submission of financial transactions (SFT) as per section 285BA of the Income Tax Act, 1961 read with Rule 114E of Income Tax Rules, 1962.

Section 285BA of the Income Tax Act, 1961 required specified reporting persons to furnish statement of financial transaction. 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.

The Notification laid down the additional procedure for acceptance of Statement of Financial Transactions from sub-registrar office and Post Office as follows;

• The filer will bring Form 61A (XML file) in Computer media along with duly signed physical copy of control sheet of Form 61A at TIN-FC for acceptance of the Statement. The Control sheet should be generated from the utility of Form 61A.
• TINFCs will accept the computer media as well as the physical copy of control sheet and issue a temporary.
• Subsequent to the validation of the XML file at NSDL e-Gov, provisional receipt / Non Acceptance Memo will be sent to email address mentioned in the temporary receipt.

Read the full text of the Notification below.