{"id":24682,"date":"2023-06-05T01:58:58","date_gmt":"2023-06-04T20:28:58","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=24682"},"modified":"2026-02-21T00:50:54","modified_gmt":"2026-02-20T19:20:54","slug":"sft-filling","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/sft-filling\/","title":{"rendered":"ALL ABOUT STATEMENT OF FINANCIAL TRANSACTION"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d0f3faad663\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d0f3faad663\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/sft-filling\/#Section_285BA%E2%80%94Statement_of_Financial_Transactions_SFT\" title=\"Section 285BA\u2014Statement of Financial Transactions (SFT)\">Section 285BA\u2014Statement of Financial Transactions (SFT)<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/sft-filling\/#Rule_114E%E2%80%94SFT_Reporting_Framework\" title=\"Rule 114E\u2014SFT Reporting Framework\">Rule 114E\u2014SFT Reporting Framework<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/sft-filling\/#Cash_Transactions_with_Banks\" title=\"Cash Transactions with Banks\">Cash Transactions with Banks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/sft-filling\/#A_Cash_DepositsWithdrawals\" title=\"A. Cash Deposits\/Withdrawals\">A. Cash Deposits\/Withdrawals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/sft-filling\/#Fixed_Deposits\" title=\"Fixed Deposits\">Fixed Deposits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/sft-filling\/#Immovable_Property_Transactions\" title=\"Immovable Property Transactions\">Immovable Property Transactions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/sft-filling\/#Credit_Card_Payments\" title=\"Credit Card Payments\">Credit Card Payments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/sft-filling\/#Securities_and_Mutual_Fund_Investments\" title=\"Securities and Mutual Fund Investments\">Securities and Mutual Fund Investments<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/sft-filling\/#Purpose_of_SFT_Reporting\" title=\"Purpose of SFT Reporting\">Purpose of SFT Reporting<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/sft-filling\/#IS_THE_FILING_OF_A_NIL_STATEMENT_OF_FINANCIAL_TRANSACTIONS_COMPULSORY\" title=\"IS THE FILING OF A NIL STATEMENT OF FINANCIAL TRANSACTIONS COMPULSORY?\">IS THE FILING OF A NIL STATEMENT OF FINANCIAL TRANSACTIONS COMPULSORY?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/sft-filling\/#PARTS_OF_FORM_61A\" title=\"PARTS OF FORM 61A\">PARTS OF FORM 61A<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/sft-filling\/#SFT_Filling_Date_Due_Date\" title=\"SFT Filling Date Due Date:\">SFT Filling Date Due Date:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/sft-filling\/#Failure_to_furnish_SFT\" title=\"Failure to furnish SFT\">Failure to furnish SFT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/sft-filling\/#ITR_12_4_for_AY_2024-25_are_now_available_on_income_tax_portal_for_filing\" title=\"ITR 1,2 &amp; 4 for AY 2024-25 are now available on income tax portal for filing.\">ITR 1,2 &amp; 4 for AY 2024-25 are now available on income tax portal for filing.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/sft-filling\/#Tax_Dept_Releases_E-Flyer_Say_No_to_Understand_Cash_Transaction_its_Limits_for_FY_2023-24\" title=\"Tax Dept Releases E-Flyer: Say No to Understand Cash Transaction &amp; its Limits for FY 2023-24\u00a0\">Tax Dept Releases E-Flyer: Say No to Understand Cash Transaction &amp; its Limits for FY 2023-24\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/carajput.com\/blog\/sft-filling\/#Income_Tax_E-Flyer_on_Maintenance_of_Books_of_Accounts\" title=\"Income Tax E-Flyer on Maintenance of Books of Accounts\">Income Tax E-Flyer on Maintenance of Books of Accounts<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-24681\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/sf.jpg\" alt=\"SF\" width=\"1080\" height=\"913\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/sf.jpg 1080w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/sf-300x254.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/sf-1024x866.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/sf-768x649.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/sf-800x676.jpg 800w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/h3>\n<h2><span class=\"ez-toc-section\" id=\"Section_285BA%E2%80%94Statement_of_Financial_Transactions_SFT\"><\/span><span style=\"color: #000080;\"><strong>Section 285BA\u2014Statement of Financial Transactions (SFT)<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Statement of Financial Transactions (SFT) is a document or report that provides a comprehensive overview of an entity&#8217;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.<\/p>\n<div>\n<p>Section 285BA requires specified persons to report high\u2011value financial transactions or registered financial activities to the Income Tax Department. The objective is to strengthen the Annual Information Statement (AIS) and ensure better tax compliance. Entities covered include banks (including co\u2011operative banks), post offices, companies issuing shares or debentures, NBFCs, registrars\/sub-registrars, Mutual fund houses and Any other persons notified. The section ensures that transactions reflecting potential taxable events are captured through an institutional reporting mechanism.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Rule_114E%E2%80%94SFT_Reporting_Framework\"><\/span><span style=\"color: #000080;\"><strong>Rule 114E\u2014SFT Reporting Framework<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Income-tax Rules, 1962 :\u00a0Rule 114E prescribes Which transactions must be reported, threshold limits, reporting format (Form 61A), and due date of filing (generally 31 May following the financial year). Following are r<span style=\"color: #000080;\">eportable transactions under SFT\u2014key thresholds. <\/span>Below is a thematic summary of major SFT categories and limits:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Cash_Transactions_with_Banks\"><\/span><span style=\"color: #000080;\"><strong>Cash Transactions with Banks<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"A_Cash_DepositsWithdrawals\"><\/span><span style=\"color: #000080;\"><strong>A. Cash Deposits\/Withdrawals<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"___i31lg00 f10pi13n f14t3ns0 f1nbblvp fat0sn4 f1ov4xf1 fekwl8i f1lmfglv f1oz7aqm f1abmfm4 f1w619qj f16h0jq8\">\n<table class=\"___1hm93bs f1ddd56o f16vktn6 f1enuhaj fdclmfp f1ev3kgc ftgm304 f1uinfot fibjyge fvueend f9yszdx f1fu4s3n f3l3pb3 f1s2k7dp f8fmt76 fjvbh62 fysh76l fic4ptz f1yenhzu f1yn6nvh f14tj6oe f1jq587y f1el8yx3 f1pymoxg f1ofu761 fe6itr f7coize f1794535 f70r78m f4zgifc fk1v6el f16pyhcb fo436u6 fzy4j18 fc43013 f1hmrcvb fc4t9fq fgp09rh fjnyn6r\" style=\"height: 141px;\" width=\"921\">\n<tbody>\n<tr>\n<th>Account Type<\/th>\n<th>Threshold<\/th>\n<\/tr>\n<tr>\n<th scope=\"row\">Current Accounts<\/th>\n<td>Cash deposits or withdrawals exceeding INR 50 lakh in a FY<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">Savings Accounts<\/th>\n<td>Cash deposits exceeding INR 10\u00a0lakh in a FY<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>Co\u2011operative banks are fully covered.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Fixed_Deposits\"><\/span><span style=\"color: #000080;\"><strong>Fixed Deposits<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Reporting is required where a person invests INR 10 lakh or more in one or more term deposits (other than renewals).<\/li>\n<li>Includes deposits with banks, post offices, and co\u2011operative banks.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Immovable_Property_Transactions\"><\/span><span style=\"color: #000080;\"><strong>Immovable Property Transactions<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Purchase or sale of immovable property valued at \u20b930 lakh or more must be reported.<\/li>\n<li>Reporting responsibility lies with the Registrar\/Sub\u2011Registrar,\u00a0irrespective of stamp duty value disputes.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Credit_Card_Payments\"><\/span><span style=\"color: #000080;\"><strong>Credit Card Payments<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"___i31lg00 f10pi13n f14t3ns0 f1nbblvp fat0sn4 f1ov4xf1 fekwl8i f1lmfglv f1oz7aqm f1abmfm4 f1w619qj f16h0jq8\">\n<table class=\"___1hm93bs f1ddd56o f16vktn6 f1enuhaj fdclmfp f1ev3kgc ftgm304 f1uinfot fibjyge fvueend f9yszdx f1fu4s3n f3l3pb3 f1s2k7dp f8fmt76 fjvbh62 fysh76l fic4ptz f1yenhzu f1yn6nvh f14tj6oe f1jq587y f1el8yx3 f1pymoxg f1ofu761 fe6itr f7coize f1794535 f70r78m f4zgifc fk1v6el f16pyhcb fo436u6 fzy4j18 fc43013 f1hmrcvb fc4t9fq fgp09rh fjnyn6r\" style=\"height: 128px;\" width=\"774\">\n<tbody>\n<tr>\n<th>Mode of Payment<\/th>\n<th>Threshold<\/th>\n<\/tr>\n<tr>\n<th scope=\"row\">Total annual payments<\/th>\n<td>More than INR 10 lakh<\/td>\n<\/tr>\n<tr>\n<th scope=\"row\">Cash payments<\/th>\n<td>More than INR 2 lakh<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>All banks and credit card issuers are required to file SFT for these cases.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Securities_and_Mutual_Fund_Investments\"><\/span><span style=\"color: #000080;\"><strong>Securities and Mutual Fund Investments<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Reporting is required when a person acquires shares, debentures, or bonds\u00a0or invests in mutual fund units amounting\u00a0to \u20b910 lakh or more in a financial year.\u00a0This ensures visibility of large capital market investments. Reporting entities\u00a0 the indicative list includes banks<span style=\"font-size: 16px;\">\u00a0(public, private, and <\/span>co\u2011operative),<span style=\"font-size: 16px;\">\u00a0post offices,<\/span><span style=\"font-size: 16px;\">\u00a0<\/span><span style=\"font-size: 16px;\">companies issuing securities, <\/span><span style=\"font-size: 16px;\">NBFCs, <\/span><span style=\"font-size: 16px;\">mutual fund houses, <\/span><span style=\"font-size: 16px;\">sub\u2011registrars, and <\/span><span style=\"font-size: 16px;\">credit card issuing institutions. <\/span>These institutions collectively provide financial footprints of taxpayers, enabling a complete AIS profile.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Purpose_of_SFT_Reporting\"><\/span><span style=\"color: #000080;\"><strong>Purpose of SFT Reporting<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The SFT mechanism supports detection of undisclosed income, high\u2011value transaction tracking, cross-verification of AIS\/TIS entries, and better risk evaluation for compliance enforcement. It is an integral part of the government&#8217;s financial transparency and anti\u2011evasion ecosystem.<\/p>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"IS_THE_FILING_OF_A_NIL_STATEMENT_OF_FINANCIAL_TRANSACTIONS_COMPULSORY\"><\/span><span style=\"color: #000080;\"><strong><u>IS THE FILING OF A NIL STATEMENT OF FINANCIAL TRANSACTIONS COMPULSORY?<\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ol>\n<li>In case there is no reportable transaction, no statement of financial transactions (i.e., Form No. 61A) is required to be filed. The Tax Dept Reporting Entity Identification Number (ITDREIN) is compulsory only if there are any reportable transactions. No Tax Dept Reporting Entity Identification Number is needed if there is no transaction.<\/li>\n<li>A new simple functionality titled &#8220;Statement of Financial Transactions Preliminary Response\u201d has been provided at the e-Filing portal for the reporting persons to indicate that a prescribed transaction type is not reportable for the FY.<\/li>\n<li>It is advisable to file a \u201cstatement of financial transactions preliminary response&#8221; even if there is no reportable transaction.<\/li>\n<li>CBDT has issued a press release dated 26\/05\/2017 aptly clarifying that registration of the reporting person (ITDREIN registration) is Compulsory only when at least one of the transaction types is reportable &amp; not otherwise.<\/li>\n<\/ol>\n<h3><span class=\"ez-toc-section\" id=\"PARTS_OF_FORM_61A\"><\/span><strong><span style=\"color: #000080;\">PARTS OF FORM 61A<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/form-61a-RJA1.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-11472\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/form-61a-RJA1.png\" alt=\"\" width=\"858\" height=\"399\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/form-61a-RJA1.png 329w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/form-61a-RJA1-300x140.png 300w\" sizes=\"(max-width: 858px) 100vw, 858px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/FORM-61A-Parts.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-11462\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/FORM-61A-Parts.jpg\" alt=\"\" width=\"756\" height=\"632\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/FORM-61A-Parts.jpg 499w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/FORM-61A-Parts-300x251.jpg 300w\" sizes=\"(max-width: 756px) 100vw, 756px\" \/><\/a><\/p>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/form-61a-RJA.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-11470\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/form-61a-RJA-709x1024.png\" alt=\"\" width=\"941\" height=\"1358\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/form-61a-RJA-709x1024.png 709w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/form-61a-RJA-208x300.png 208w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/form-61a-RJA-768x1109.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/form-61a-RJA.png 821w\" sizes=\"(max-width: 941px) 100vw, 941px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"SFT_Filling_Date_Due_Date\"><\/span><span style=\"color: #000080;\"><strong><span style=\"font-size: 13pt; font-family: Arial, sans-serif;\">SFT Filling Date Due Date:<\/span><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"font-size: 13.0pt; font-family: 'Arial',sans-serif; color: #444444;\">The statement of financial transactions shall electronically be submitted in relation to an FY by the reporting entity with a DSC of the person responsible for verifying the declaration in Form No. 61A. The <\/span><i><span style=\"font-size: 13.0pt; color: #444444;\">statement of financial transactions <\/span><\/i><span style=\"font-size: 13.0pt; font-family: 'Arial',sans-serif; color: #444444;\">shall be submitted instantly after the FY in which the transaction is registered or registered on or before 31 May.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Failure_to_furnish_SFT\"><\/span><span style=\"color: #000080;\"><strong>Failure to furnish SFT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26722\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/photo_2024-05-27_00-04-42.jpg\" alt=\"STF Filling Due date\" width=\"1280\" height=\"720\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/photo_2024-05-27_00-04-42.jpg 1280w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/photo_2024-05-27_00-04-42-300x169.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/photo_2024-05-27_00-04-42-1024x576.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/photo_2024-05-27_00-04-42-768x432.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/photo_2024-05-27_00-04-42-800x450.jpg 800w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<p>In case of non-furnishing of the <em>statement of financial transactions <\/em>within the due date, Total, a penalty of Rs 500\/- per day from the expiry of the 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)<\/p>\n<h3><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/statement-financial-transactions-26as-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-11477\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/statement-financial-transactions-26as-1.jpg\" alt=\"\" width=\"903\" height=\"1165\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/statement-financial-transactions-26as-1.jpg 402w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/statement-financial-transactions-26as-1-232x300.jpg 232w\" sizes=\"(max-width: 903px) 100vw, 903px\" \/><\/a><\/h3>\n<p>The penalty of Rs 50,000 will be levied on the prescribed reporting financial institution if it provides inaccurate information in the statement where:<\/p>\n<ul>\n<li>The person discovers the inaccuracy after the statement of financial transaction or reportable account is furnished and fails to inform and furnish correct information within 10 days. Or<\/li>\n<li>the person knows of the inaccuracy at the time of furnishing the statement of financial transaction or reportable account, but does not inform the specified Tax authority or any other authority or agency; or<\/li>\n<li>inaccuracy is due to a failure to comply with specified due diligence needed or is deliberate on the part of that person; or {as per provision of section 271FAA of Income Tax Act,}<\/li>\n<\/ul>\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-gruls-79elbk h-full\">\n<div class=\"react-scroll-to-bottom--css-gruls-1n7m0yu\">\n<div>\n<div class=\"flex flex-col text-sm pb-9\">\n<div class=\"w-full text-token-text-primary\" data-testid=\"conversation-turn-3\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] group final-completion\">\n<div class=\"relative flex w-full flex-col agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"90c5535b-abff-4ae7-8499-7904d65e55ff\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<p>In summary, the Statement of Financial Transactions serves as a vital tool for communicating an entity&#8217;s financial performance, position, and cash flows to stakeholders, facilitating informed decision-making and ensuring accountability and transparency in financial reporting. We look forward to your valuable comment.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"ITR_12_4_for_AY_2024-25_are_now_available_on_income_tax_portal_for_filing\"><\/span><span style=\"color: #000080;\"><strong>ITR 1,2 &amp; 4 for AY 2024-25 are now available on income tax portal for filing.<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26401\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/ITR-2024-25.jpg\" alt=\"ITR 2024-25\" width=\"1280\" height=\"754\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/ITR-2024-25.jpg 1280w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/ITR-2024-25-300x177.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/ITR-2024-25-1024x603.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/ITR-2024-25-768x452.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/ITR-2024-25-800x471.jpg 800w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h3><span class=\"ez-toc-section\" id=\"Tax_Dept_Releases_E-Flyer_Say_No_to_Understand_Cash_Transaction_its_Limits_for_FY_2023-24\"><\/span><a href=\"https:\/\/carajput.com\/archives\/e-flyer-say-no-to-understand-cash-transaction-and-its-limits.pdf\"><span style=\"color: #000080;\"><strong>Tax Dept Releases E-Flyer: Say No to Understand Cash Transaction &amp; its Limits for FY 2023-24\u00a0<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"Income_Tax_E-Flyer_on_Maintenance_of_Books_of_Accounts\"><\/span><span style=\"color: #000080;\"><strong>Income Tax E-Flyer on Maintenance of Books of Accounts<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-26428\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/tax-flyer-1.jpg\" alt=\"Income Tax E-Flyer on Maintenance of Books of Accounts\" width=\"900\" height=\"1349\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/tax-flyer-1.jpg 425w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/tax-flyer-1-200x300.jpg 200w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-26429\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/tax-flyer-2.jpg\" alt=\"Income Tax E-Flyer on Maintenance of Books of Accounts 2\" width=\"906\" height=\"1407\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/tax-flyer-2.jpg 434w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/tax-flyer-2-193x300.jpg 193w\" sizes=\"(max-width: 906px) 100vw, 906px\" \/><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-26430\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/tax-flyer-3.jpg\" alt=\"Income Tax E-Flyer on Maintenance of Books of Accounts 3\" width=\"922\" height=\"672\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/tax-flyer-3.jpg 443w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2023\/06\/tax-flyer-3-300x219.jpg 300w\" sizes=\"(max-width: 922px) 100vw, 922px\" \/><\/p>\n<p><strong>Popular Article :<\/strong>More read for related blogs are:<\/p>\n<ul>\n<li><strong><a href=\"https:\/\/carajput.com\/publications\/all-the-provision-of-taxation-of-income-from-capital-gains.pdf\">All about the Income taxation on capital gain<\/a><\/strong><\/li>\n<\/ul>\n<ul>\n<li><strong><a href=\"https:\/\/carajput.com\/archives\/summary-of-provision-of-capital-gains-charts-under-the-income-tax-1961.pdf\">Provision-of-capital-gains-charts<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/blog\/govt-needed-to-introduce-changes-in-nps-in-budget-2021\/\">Govt\u00a0 needed to introduce\u00a0 changes\u00a0 in NSP Budget 2021<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/publications\/all-the-provision-of-taxation-of-income-from-capital-gains.pdf\">All about the Income taxation on capital gain\u00a0<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/learn\/deductions-under-section-80ccd-of-income-tax-act.html\">Deduction u\/s 80CCD of Income Tax Act, 1961<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/publications\/all-the-provision-of-taxation-of-income-from-capital-gains.pdf\">All about the Income taxation on capital gain\u00a0<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/blog\/delay-in-the-deposit-of-employer-provident-fund-during-lock-down-will-not-levy-any-penalty\/\">Delay in the deposit of Employer provident fund during the lockdown<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/blog\/get-aware-for-penalty-of-section-234f-for-late-filing-of-itr\/\">Aware of the penalty of Section-234f for late filing of ITR<\/a><\/strong><\/li>\n<li><strong><span style=\"text-decoration: underline;\"><em><a style=\"color: #0000ff; text-decoration: underline;\" href=\"https:\/\/carajput.com\/blog\/what-is-the-process-of-applying-instant-free-pan-through-aadhaar-e-kyc-fm-launches\/\">What is the process of applying instant free pan through adhaar e-KYC<\/a><\/em><\/span><\/strong><\/li>\n<li><strong><em><a href=\"https:\/\/carajput.com\/blog\/basic-of-aadhar-card-significance-process-aadhaar-linking-with-pan\/\"><span style=\"color: #0000ff;\">Basic of aadhar card significance process aadhaar linking with PAN<\/span><\/a><\/em><\/strong><\/li>\n<li><strong><a href=\"https:\/\/www.caindelhiindia.com\/blog\/3926-2\/\">Tax Audit<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/www.caindelhiindia.com\/blog\/implication-of-cash-transaction-under-income-tax-act\/\">Implication of cash transaction under income tax Act<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/press-releases\/how-to-file-revised-return-of-income-tax-efiling-income-tax-department.pdf\">How to file Revised Return of Income Tax E-Filing: Income Tax Department <\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/blog\/popular-errors-when-filing-an-income-tax-return\/\">Prevent popular errors while filing an income tax return<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/learn\/needed-to-file-income-tax-returns-for-your-bitcoin-profits-earn.html\"><span style=\"color: #0000ff;\">Needed to file Income Tax return of Bitcoin profit earned<\/span><\/a>\u00a0<\/strong><\/li>\n<\/ul>\n<p><iframe loading=\"lazy\" title=\"Differences &amp; Uses of ITR-1 &amp; ITR-2 | How to choose ITR Form? |\u091c\u093e\u0928\u093f\u092f\u0947 \u0915\u094c\u0928 \u0938\u093e ITR \u092b\u0949\u0930\u094d\u092e \u0906\u092a\u0915\u0947 \u0932\u093f\u090f \u0938\u0939\u0940?\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/JPf9bPyv7bY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><strong>Contact Us<\/strong><\/p>\n<p><em>You may find us via email at singh@carajput.com or by phone at +91 9555 555 480, <\/em><em>You can contact our NRI consultant in India or <\/em>NRI ITR filing services in India. We also offer income tax compliance &amp; <a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">registration<\/a> services!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Section 285BA\u2014Statement of Financial Transactions (SFT) The Statement of Financial Transactions (SFT) is a document or report that provides a comprehensive overview of an entity&#8217;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 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,1],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24682"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=24682"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24682\/revisions"}],"predecessor-version":[{"id":31318,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/24682\/revisions\/31318"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=24682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=24682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=24682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}