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The Statement of Financial Transactions (SFT) is a document or report that provides a comprehensive overview of an entity’s financial transactions over a specific period. It is a critical component of financial reporting and is typically prepared by businesses, organizations, and government agencies to accurately depict their financial activities and position.
The statement of financial transactions shall electronically be submitted in relation to an FY by reporting entity with a DSC of the person responsible for verifying the declaration in Form No. 61A. The statement of financial transactions shall be submitted instantly after FY in which the transaction is registered or registered, on or before 31 May.
In case of non-furnishing of the statement of financial transactions within due date, Total, a penalty of Rs 500/- per day from the expiry of original due date till the due date mentioned in the notice and Rs 1,000 per day beyond the due date specified in the notice. (Reference from Section 271FA of the Act)
The penalty of Rs 50,000 will be levied on prescribed reporting financial institution if it provides inaccurate information in the statement where:
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