CBDT Issues Clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response
Central Board of Direct Tax (CBDT) has issued a Press Release on 26th May 2017 and clarifies the issues on Furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response.
Section 285BA of the Income-tax Act, 1961 requires 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 is 31st May 2017
In case there are reportable transactions for the year, the reporting person/entity is required to register with the Income Tax Department and generate Income Tax Department Reporting Entity Identification Number (ITDREIN).The registration of reporting person (ITDREIN registration) is mandatory only when at least one of the Transaction Type is reportable.
A 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.
Detailed procedure of ITDREIN registration and upload of Form 61A is available under the “Help” section and Form 61A utility and Schema are available under the download section of http://www.incometaxindiaefiling.gov.in and https://www.cleanmoney.gov.in
Source: Income Tax Department – Government of India