{"id":3209,"date":"2017-05-31T15:34:03","date_gmt":"2017-05-31T10:04:03","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=3209"},"modified":"2024-05-16T23:54:29","modified_gmt":"2024-05-16T18:24:29","slug":"overview-on-statement-of-financial-transactions-sft","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/overview-on-statement-of-financial-transactions-sft\/","title":{"rendered":"Overview on Statement of Financial Transactions (SFT)"},"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-69e4471f39445\" 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-69e4471f39445\"  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\/overview-on-statement-of-financial-transactions-sft\/#OVERVIEW_ON_STATEMENT_OF_FINANCIAL_TRANSACTIONS_SFT\" title=\"OVERVIEW ON STATEMENT OF FINANCIAL TRANSACTIONS (SFT)\">OVERVIEW ON STATEMENT 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\/overview-on-statement-of-financial-transactions-sft\/#ALL_THE_TRANSACTIONS_WHICH_IS_LIABLE_TO_BE_REPORTED_IN_STATEMENT_OF_FINANCIAL_TRANSACTIONS\" title=\"ALL THE TRANSACTIONS WHICH IS LIABLE TO BE REPORTED IN STATEMENT OF FINANCIAL TRANSACTIONS \">ALL THE TRANSACTIONS WHICH IS LIABLE TO BE REPORTED IN STATEMENT OF FINANCIAL TRANSACTIONS <\/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\/overview-on-statement-of-financial-transactions-sft\/#Needed_to_Be_Reporting_above_the_threshold_limit_as_specified\" title=\"Needed to Be Reporting above the threshold limit as specified\">Needed to Be Reporting above the threshold limit as specified<\/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\/overview-on-statement-of-financial-transactions-sft\/#Foreign_Currency_Transactions\" title=\"Foreign Currency Transactions\">Foreign Currency Transactions<\/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\/overview-on-statement-of-financial-transactions-sft\/#Investments\" title=\"Investments\">Investments<\/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\/overview-on-statement-of-financial-transactions-sft\/#Cash_Transactions\" title=\"Cash Transactions\">Cash 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\/overview-on-statement-of-financial-transactions-sft\/#Needed_to_Be_Reporting_without_any_threshold_limit_as_specified\" title=\"Needed to Be Reporting without any threshold limit as specified\">Needed to Be Reporting without any threshold limit as specified<\/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\/overview-on-statement-of-financial-transactions-sft\/#Quoting_of_Permanent_account_number\" title=\"Quoting of Permanent account number: \">Quoting of Permanent account number: <\/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\/overview-on-statement-of-financial-transactions-sft\/#REPORTING_IN_STATEMENT_OF_FINANCIAL_TRANSACTIONS\" title=\"REPORTING IN STATEMENT OF FINANCIAL TRANSACTIONS: \">REPORTING IN STATEMENT OF FINANCIAL TRANSACTIONS: <\/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\/overview-on-statement-of-financial-transactions-sft\/#IS_FILING_OF_NIL_STATEMENT_OF_FINANCIAL_TRANSACTIONS_IS_COMPULSORY\" title=\"IS FILING OF NIL STATEMENT OF FINANCIAL TRANSACTIONS IS COMPULSORY:\">IS FILING OF NIL STATEMENT OF FINANCIAL TRANSACTIONS IS 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\/overview-on-statement-of-financial-transactions-sft\/#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\/overview-on-statement-of-financial-transactions-sft\/#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\/overview-on-statement-of-financial-transactions-sft\/#Failure_to_furnish_SFT\" title=\"Failure to furnish SFT\">Failure to furnish SFT<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/overview-on-statement-of-financial-transactions-sft\/#Due_date_of_Statement_of_Financial_Transactions_return\" title=\"Due date of Statement of Financial Transactions return\u00a0\">Due date of Statement of Financial Transactions return\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/Statement-of-Financial-Transaction-RJA_1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-11469\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/Statement-of-Financial-Transaction-RJA_1.jpg\" alt=\"\" width=\"809\" height=\"426\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/Statement-of-Financial-Transaction-RJA_1.jpg 638w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/Statement-of-Financial-Transaction-RJA_1-300x158.jpg 300w\" sizes=\"(max-width: 809px) 100vw, 809px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"OVERVIEW_ON_STATEMENT_OF_FINANCIAL_TRANSACTIONS_SFT\"><\/span><span style=\"color: #ff6600;\">OVERVIEW ON STATEMENT OF FINANCIAL TRANSACTIONS (SFT)<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><span style=\"font-family: 'Arial',sans-serif; color: #475055;\">SFT Considering Recent CBDT Notification No. 16\/2021, dated 12-03-2021 along with the penalty provisions under the income tax act <\/span><\/li>\n<li style=\"text-align: justify; background: white;\"><span style=\"font-family: 'Arial',sans-serif; color: #475055;\">Statement of financial transactions provides a reporting system wherein specified entities are required to provide information about material financial transactions to the Tax Authority. <\/span><\/li>\n<li style=\"text-align: justify; background: white;\"><span style=\"font-family: 'Arial',sans-serif; color: #475055;\">While Presenting Union Budget 2021, Govt of India to make the simple filing of ITR, details of interest from banks, post office, dividend income, and capital gains from listed securities, etc. earned by the person in the FY will be pre-filled in his <a href=\"https:\/\/carajput.com\/blog\/taxes-on-income-received-from-blogging-under-income-tax\/\">Income-tax Return.<\/a>\u00a0<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"ALL_THE_TRANSACTIONS_WHICH_IS_LIABLE_TO_BE_REPORTED_IN_STATEMENT_OF_FINANCIAL_TRANSACTIONS\"><\/span><span style=\"color: #000080;\"><strong>ALL THE TRANSACTIONS WHICH IS LIABLE TO BE REPORTED IN STATEMENT OF FINANCIAL TRANSACTIONS <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>All the Transactions liable to be <a href=\"https:\/\/www.caindelhiindia.com\/blog\/all-about-new-annual-information-statement-ais\/\">reported in the statement of financial transactions<\/a> can now be classified into 2 Type:<\/p>\n<ul>\n<li>Needed to Reporting of transactions above threshold limit as specified<\/li>\n<li>Needed to Reporting of Transactions without any threshold limit as specified<\/li>\n<\/ul>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/sftRJA.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-11474\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/sftRJA.jpg\" alt=\"\" width=\"1075\" height=\"1075\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/sftRJA.jpg 377w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/sftRJA-150x150.jpg 150w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/sftRJA-300x300.jpg 300w\" sizes=\"(max-width: 1075px) 100vw, 1075px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Needed_to_Be_Reporting_above_the_threshold_limit_as_specified\"><\/span><span style=\"color: #000080;\"><em>Needed to Be Reporting above the threshold limit as specified<\/em><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Below \u2018SFT\u2019 are needed to be reported if the value of the transaction cross the threshold limit, &amp; it is registered or recorded by the specified person:<\/p>\n<table style=\"height: 2052px;\" width=\"803\">\n<tbody>\n<tr>\n<td width=\"54\"><em>Sl. No.<\/em><\/td>\n<td width=\"261\"><em>P<\/em><em>articular and <\/em><em>Nature of transaction<\/em><\/td>\n<td width=\"90\"><em>W<\/em><em>hat is the <\/em><em>Value of Transaction<\/em><\/td>\n<td width=\"226\"><em>W<\/em><em>ho is the <\/em><em>Reporting Entity<\/em><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" width=\"632\">\n<h3><span class=\"ez-toc-section\" id=\"Foreign_Currency_Transactions\"><\/span><span style=\"color: #000080;\"><em><strong>Foreign Currency Transactions<\/strong><\/em><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">1<\/td>\n<td width=\"261\">Expense in foreign currency via debit or credit card or Via issue of Travellers Cheque or Draft or any other instrument.<\/td>\n<td width=\"90\">IF Total INR 10,00,000\/- or more in a FY.<\/td>\n<td width=\"226\"><\/td>\n<\/tr>\n<tr>\n<td width=\"54\">2<\/td>\n<td width=\"261\">Receipt from any person for sale of foreign currency including credit of such currency to foreign exchange card<\/td>\n<td width=\"90\">IF Total INR 10,00,000\/-or more in a FY.<\/td>\n<td width=\"226\">\u2666 Authorized Dealer<\/p>\n<p>\u2666 Money Changer<\/p>\n<p>\u2666 Offshore Banking Unit<\/p>\n<p>\u2666 Any other person authorized to deal in foreign exchange or foreign securities<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" width=\"632\">\n<h3><span class=\"ez-toc-section\" id=\"Investments\"><\/span><span style=\"color: #000080;\"><em><strong>Investments<\/strong><\/em><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"54\"><\/td>\n<td width=\"261\"><\/td>\n<td width=\"90\"><\/td>\n<td width=\"226\"><\/td>\n<\/tr>\n<tr>\n<td width=\"54\">3<\/td>\n<td width=\"261\">Purchase or sale by any person of immovable property<\/td>\n<td width=\"90\">IF Total INR 10,00,000\/-or more in an FY.<\/td>\n<td width=\"226\">Inspector-General or Registrar or Sub-Registrar under the Registration Act, 1908<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">4<\/td>\n<td width=\"261\">Receipt from any person for acquiring shares (including share application money) issued by the company<\/td>\n<td width=\"90\">IF Total INR 10,00,000\/-or more in an FY.<\/td>\n<td width=\"226\">A company issuing shares<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">5<\/td>\n<td width=\"261\">One or more time deposits (other than a time deposit made through renewal of another time deposit) of a person<\/td>\n<td width=\"90\">IF Total INR 10,00,000\/-or more in an FY.<\/td>\n<td width=\"226\">\u2666 Bank or Co-op. bank<\/p>\n<p>\u2666 Post-Master General<\/p>\n<p>\u2666 Nidhi Companies<\/p>\n<p>\u2666 NBFCs<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">6<\/td>\n<td width=\"261\">Receipt from any person for acquiring units of one or more schemes of a Mutual Fund (other than the amount received on account of transfer from one scheme to another scheme of that Mutual Fund)<\/td>\n<td width=\"90\">IF Total INR 10,00,000\/-or more in a FY.<\/td>\n<td width=\"226\">A trustee of a Mutual Fund or such other authorized person managing the affairs of Mutual Fund<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">7<\/td>\n<td width=\"261\">Receipt from any person for acquiring bonds or debentures issued by the company or institution (other than the amount received on account of renewal of the bond or debenture issued by that company)<\/td>\n<td width=\"90\">IF Total INR 10,00,000\/-or more in a FY.<\/td>\n<td width=\"226\">A company or institution issuing bonds or debentures<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">8<\/td>\n<td width=\"261\">Buyback of shares from any person (other than the shares bought in the open market)<\/td>\n<td width=\"90\">IF Total INR 10,00,000\/-or more in a FY.<\/td>\n<td width=\"226\">A company listed on a recognized stock exchange purchasing its own securities<\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" width=\"632\">\n<h3><span class=\"ez-toc-section\" id=\"Cash_Transactions\"><\/span><span style=\"color: #000080;\"><em>Cash Transactions<\/em><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">9<\/td>\n<td width=\"261\">Receipt of cash payment for sale, by any person, of goods or services of any nature, not being a transaction whose specific reporting is otherwise required<\/td>\n<td width=\"90\">In case the Amount is more than Rs. 2 lakhs<\/td>\n<td width=\"226\">Any person who is liable for tax audit under Section 44AB<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">10<\/td>\n<td width=\"261\">Cash payment for the purchase of pre-paid instruments issued by the RBI<\/td>\n<td width=\"90\">IF Total INR 10,00,000\/-or more in an FY.<\/td>\n<td width=\"226\">Bank or Co-op. Bank<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">11<\/td>\n<td width=\"261\">Cash deposits in one or more accounts (other than a current account and time deposit) of a person<\/td>\n<td width=\"90\">IF Total INR 10,00,000\/-or more in a FY.<\/td>\n<td width=\"226\">\u2666 Bank or Co-op. Bank<\/p>\n<p>\u2666 Post-Master General<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">12<\/td>\n<td width=\"261\">Cash payment for the purchase of bank drafts or pay orders or banker\u2019s cheque.<\/td>\n<td width=\"90\">IF Total INR 10,00,000\/-or more in a FY.<\/td>\n<td width=\"226\">Bank or Co-op. Bank<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">13<\/td>\n<td width=\"261\">Cash withdrawals (including through bearer\u2019s cheque) from one or more current account of a person<\/td>\n<td width=\"90\">IF Total INR 50,00,000\/-or more in a FY.<\/td>\n<td width=\"226\">Bank or Co-op. Bank<\/td>\n<\/tr>\n<tr>\n<td width=\"54\">14<\/td>\n<td width=\"261\">Cash deposits in one or more current account of a person<\/td>\n<td width=\"90\">IF Total INR 50,00,000\/-or more in a FY.<\/td>\n<td width=\"226\">Bank or Co-op. Bank<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\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=\"833\" height=\"1075\" 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: 833px) 100vw, 833px\" \/><\/a><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"Needed_to_Be_Reporting_without_any_threshold_limit_as_specified\"><\/span><span style=\"color: #000080;\"><em>Needed to Be Reporting without any threshold limit as specified<\/em><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Below \u2018SFT\u2019 are required to be reported by the specified person \u201cCompany\/Reporting Entity\u201d. No threshold limit is prescribed for the Below transactions.<\/p>\n<table style=\"height: 872px;\" width=\"791\">\n<tbody>\n<tr>\n<td width=\"45\"><em>Sl. No.<\/em><\/td>\n<td width=\"255\"><em>P<\/em><em>articular and <\/em><em>Nature of transaction<\/em><\/td>\n<td width=\"338\"><em>W<\/em><em>ho is <\/em><em>Reporting entity<\/em><\/td>\n<\/tr>\n<tr>\n<td width=\"45\">1<\/td>\n<td width=\"255\">Interest income<\/td>\n<td width=\"338\">\u2666 A Banking company or a Co-op. Bank;<\/p>\n<p>\u2666 Post-Master General;<\/p>\n<p>\u2666 NBFCs<\/td>\n<\/tr>\n<tr>\n<td width=\"45\">2<\/td>\n<td width=\"255\">Deemed Dividend U\/s 2(22)(a) to (e)<\/td>\n<td width=\"338\">A Company<\/td>\n<\/tr>\n<tr>\n<td width=\"45\">3<\/td>\n<td width=\"255\">Capital Gains on the transfer of Units of Mutual Funds<\/td>\n<td width=\"338\">\u2666 Recognized Stock Exchange;<\/p>\n<p>\u2666 Depository as defined in section 2(1)(e) of Depositories Act, 1996;<\/p>\n<p>\u2666 Recognized Clearing Corporation;<\/p>\n<p>\u2666 Registrar to an issue and share transfer agent registered under section 12(1) of the SEBI Act, 1992.<\/td>\n<\/tr>\n<tr>\n<td width=\"45\">4<\/td>\n<td width=\"255\">Capital Gains on the transfer of securities listed on any recognized stock exchange in India<\/td>\n<td width=\"338\">\u2666 Recognized Stock Exchange;<\/p>\n<p>\u2666 Depository as defined in section 2(1)(e) of Depositories Act, 1996;<\/p>\n<p>\u2666 Recognized Clearing Corporation;<\/p>\n<p>\u2666 Registrar to an issue and share transfer agent registered under section 12(1) of the SEBI Act, 1992.<\/td>\n<\/tr>\n<tr>\n<td width=\"45\">5<\/td>\n<td width=\"255\">Final or Interim Dividend income<\/td>\n<td width=\"338\">A Company<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><span class=\"ez-toc-section\" id=\"Quoting_of_Permanent_account_number\"><\/span><span style=\"color: #000080;\"><strong><u>Quoting of Permanent account number: <\/u><\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Permanent account number is Compulsory only if Amount exceeds INR 2,00,000\/- per transaction.<\/li>\n<li>if the Person bill purchaser has purchased the goods at various occasions &amp; at each occasion bill amount is not exceeding INR 2,00,000\/- even then a Permanent account number would not be required.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"REPORTING_IN_STATEMENT_OF_FINANCIAL_TRANSACTIONS\"><\/span><span style=\"color: #000080;\"><strong><u>REPORTING IN STATEMENT OF FINANCIAL TRANSACTIONS<\/u><\/strong><strong>: <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Reporting in the statement of financial transactions would be required only if the payment exceeding Rs. 2 Lakh is received in cash in a day.<\/li>\n<li>It is further validated by CBDT vide Explanation on it that Reporting requirement under statement of financial transactions is there on receipt of cash payment &amp; No aggregation is required for a statement of financial transactions reporting. \u201cPer Transaction\u201d used in the said CBDT circular is probably pertaining to the transaction of receipt of money.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/20.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-11466\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/20.jpg\" alt=\"\" width=\"720\" height=\"540\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/20.jpg 720w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/20-300x225.jpg 300w\" sizes=\"(max-width: 720px) 100vw, 720px\" \/><\/a><\/p>\n<h3><span class=\"ez-toc-section\" id=\"IS_FILING_OF_NIL_STATEMENT_OF_FINANCIAL_TRANSACTIONS_IS_COMPULSORY\"><\/span><span style=\"color: #000080;\"><strong><u>IS FILING OF NIL STATEMENT OF FINANCIAL TRANSACTIONS IS 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. 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 \u201cstatement 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\u201d 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 reporting person (ITDREIN registration) is Compulsory only when\u00a0at least one of the Transaction Type 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 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 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>In case of non-furnishing of the <em>statement of financial transactions <\/em>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)<\/p>\n<p>The penalty of Rs 50,000 will be levied on 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<\/li>\n<li>{ As per provision of section 271FAA of Income Tax Act,}<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Due_date_of_Statement_of_Financial_Transactions_return\"><\/span><span style=\"color: #000080;\">Due date of Statement of Financial Transactions return\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26630\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/SFT.jpg\" alt=\"Statement of Financial Transactions (SFT) for F.Y. 2023-24\" width=\"1280\" height=\"720\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/SFT.jpg 1280w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/SFT-300x169.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/SFT-1024x576.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/SFT-768x432.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2017\/05\/SFT-800x450.jpg 800w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/p>\n<p><span style=\"color: #000080;\">\ud83d\udc49The last date for filing the Statement of Financial Transactions (SFT) for F.Y. 2023-24 is May 31st, 2024.<\/span><\/p>\n<p><span style=\"color: #000080;\">\ud83d\udc49SFT is required to be filed in Form No. 61A for transactions entered with third parties.<\/span><\/p>\n<p>Do ensure timely submission of your SFT!<\/p>\n<p><span style=\"color: #000080;\"><strong>Conclusion:<\/strong><\/span><\/p>\n<ul>\n<li>There is a notable difference between the two provisions as discussed above. Section 269ST applies to transactions of receipt of money of\u00a0<strong>Two Lakh rupees or more<\/strong>, whereas reporting of SFT, as implemented by Rule 114E, applies to the <strong>receipt of cash payment exceeding Two Lakh rupees.\u00a0<\/strong><\/li>\n<li>Thus, the sales transactions involving receipt of cash of exactly Rs. Two lakhs will go unreported in Form 61A under Rule 114E, which are, in fact, liable to be booked under S. 269ST, read with section 271DA of the Act.<\/li>\n<\/ul>\n<p>We look forward for your valuable comment:<\/p>\n<p>FOR FURTHER QUERIES CONTACT US:\u00a0 W:\u00a0<a href=\"https:\/\/carajput.com\/\">www.carajput.com<\/a>\u00a0\u00a0 \u00a0E: <a href=\"https:\/\/carajput.com\/\">singh@carajput.com<\/a> \u00a0 T: 9-555-555-480<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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, &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],"tags":[538,1943,1939,1945],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3209"}],"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=3209"}],"version-history":[{"count":4,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3209\/revisions"}],"predecessor-version":[{"id":26631,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/3209\/revisions\/26631"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=3209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=3209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=3209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}