SFT Return Filling
3,500/- (inclusive of all taxes & fees)
Important Points
- SFT is a report of specified financial transactions by specified persons including prescribed reporting financial institutions.
- Due Date for filling SFT return is 31st May immediately following the Financial Year .
- Non Filling of SFT return will attract Penalty of amt Rs.500 per Day till default Continue
- Due Date for filling SFT return is 31st May immediately following the Financial Year .
- Non Filling of SFT return will attract Penalty of amt Rs.500 per Day till default Continue
SPECIFIED FINANCIAL TRANSACTION(SFT)
Know what is Specified Financial Transaction(SFT)? and how it is got Filled?
What is a Specified Financial Transaction(SFT)?
SFT is a report of specified financial transactions by specified persons including prescribed reporting financial institutions. Such specified persons who register, maintain or record such specified financial transactions are under a mandate to submit SFT to the income tax authority or such other specified authority or agency.
Who is a Reporting Entity?
Reporting Entity or Reporting Person is an entity that is required to furnish a Statement of Financial Transaction (in Form 61 A) or Statement of Reportable Account (in Form 61B) with the Income-tax Department as per the provisions of section 285BA of the Income-tax Act 1961. Also, Under Rule 114D of Income Tax rules 1962, any entity/person receiving Form 60 is required to report details of Form 60 in Form 61.
#An Assessee as per the Income Tax Act.
#Prescribed Person in case of Government Officers.
#A local Authority or BOI.
#The Registrar or Sub Registrar.
#The Authority eligible to register motor Vehicle.
#The Post Master of the Indian Post Office.
#The Collector referred in Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act 2013.
#The Recognized Stock Exchange referred under Securities Contracts Act 1956.
#An Officer of the Reserve Bank of India.
#An Depository referred in Depositories Act 1996.
#A Person other than those referred to in Clause (a) to (j) as may be prescribed.
Know the basics
Learn the basics about Private Limited Company & its compliance
✔ Specified Transaction need to be Reported under the SFT Return:-
S.No
Nature and Value Transactions
Reporting Entity(A person to whom SFT Return need to file)
1
a) Cash Payments for Acquiring Bank DD or Pay Order or Banker’s Cheque of an amt Rs.10lakh or More in a FY.
b) Cash Payment for Acquiring Pre-paid Instruments issued by RBI of an amount Rs.10lakh or More in a FY.
c) Cash Deposit or withdrawls (including bearer’s cheque) from one or more Current A/c of a person of an amount Rs.50Lakh or more in a FY.
A Banking Company or a Co-Operative Bank.
2
Cash Deposits in one or more account of a person aggregating to Rs.10 lakh or more in a FY.
a) A Banking Company or a Co-Operative Bank.
b) Post Master General
3
One or more time Deposits of a person aggregating to Rs.10lakh or more in a FY.
a) A Banking Company or a Co-Operative Bank.
b) Post Master General
c) Nidhi Company
d) NBFC
4
Credit Card Payment :-
a) 1 lakh or more in cash,
b) 10 lakh or more by any other mode,
Aggregating in a FY
Person who is issuing Credit Card.
5
Fresh Receipt of Rs.10 lakh or more in a FY for acquiring bonds or debenture issued by the company or institution.
A Company or institution issuing bonds or debentures.
6
Fresh Receipt of Rs.10 lakh or more in a FY for acquiring shares(including SAM) issue by company.
A Company issuing shares.
7
Buy Back of Shares for an amount or value aggregating to Rs.10 lakh or more in a FY.
A company listed on a recognised stock exchange purchasing its own securities.
8
Receipts from any person for acquiring units of MF of an amount aggregating to Rs.10 lakh or more in a FY
A trustee of MF or such other person managing the MF.
9
Receipt from any person against sale of Foreign Currency of an amount aggregating to Rs.10 lakh or more in a FY
Authorized Person under FEMA Act,1999.
10
Purchase or sale by any person w.r.t Immovable Property of an amount of Rs.10 lakh or more.
Inspector General or Registrar or Sub-Registrar.
11
Cash Receipt exceeding Rs.2 lakh w.r.t sale of any Goods or Services (One time transaction)
Any Person who is liable for Audit under section 44AB of the Act.
12
Dividend Income
A Company
13
Capital Gain on t/f of Listed Securities or units of MF
a) Recognised Stock Exchange.
b) Depository.
c) Recognised Clearing Corporation.
d) Registrar and Share t/f agent registered under SEBI Act.
14
Interest Income
a) A Banking Company
b) NBFC
c) Post Master General.
