Overview on Statement of Financial Transactions (SFT)
OVERVIEW ON STATEMENT OF FINANCIAL TRANSACTIONS (SFT) SFT Considering Recent CBDT Notification No. 16/2021, dated 12-03-2021 along with the penalty provisions under the income tax act Statement of financial transactions provides a reporting system wherein specified entities are required to provide information about material financial transactions to the Tax Authority. While Presenting Union Budget 2021, …