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I-T - Submission of financial transactions - Deadline is May 31

By TIOL News Service

NEW DELHI, MAY 26, 2017: THE CBDT today issued a clarification on furnishing statements of financial transactions, specifying that Section 285BA of the Income-tax Act, 1961 required the furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The clarification further specified the due date for filing such SFT, in Form 61A, as May 31, 2017.

It was also specified that if there were reportable transactions for the year, the reporting person or entity was required to register with the Income Tax Department and generate Income Tax Department Reporting Entity Identification Number (ITDREIN). The ITDREN could be generated by logging-into the e-filing website with the log in ID used for the purpose of filing the Income Tax Return of the reporting person or entity. However any entity having PAN could take only PAN-based ITDREIN, whereas an entity having TAN could generate an ITDREIN only when such TAN's Organisational PAN happened to be unavailable.

The clarificatory note further provided that the registration of reporting person was mandatory only when at least one of the Transaction Type was reportable. A functionality "SFT Preliminary Response" had been provided on the e-Filing portal for the reporting persons to indicate that a specified transaction type was not reportable for that year.


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