Statement of Financial Transactions or Reportable A/C


*The price is exclusive of any amount payable to Government/Regulatory Authorities and GST.

This service is for filing of Statement of Financial Transaction (SFT) or reportable account

Services covered :
  • Identifying transactions which need to be reported
  • Submission of SFT (Statement of Financial Transactions)

Documents Required :
  • Details of Specified Financial transactions or reportable accounts
  • Books of Accounts

FAQ ()

Question : What is statement of financial transaction (SFT)?
Answer : SFT is a report of specified financial transactions by specified persons including prescribed reporting financial institution. Such specified persons who register, maintain or record such specified financial transaction are under a mandate to submit SFT to the income tax authority or such other specified authority or agency.
Question : Who is required to file statement of SFT?
Answer : 1.Any person liable for audit under section 44AB of the Income Tax Act 2. Banking Company 3. Co-operative Bank 4.Post Master General of Post office 5.Nidhi referred to in sec 406 of the Companies Act 2013 6. Non-banking Financial Company (NBFC) 7.Any Institution issuing Credit Card 8.Company or Institution issuing bonds or debentures 9.Company issuing shares 10.Company listed on a recognized stock exchange purchasing its own securities 11.A Trustee of a Mutual Fund or such other person authorized by the trustee 12.Authorized Dealer, Money Changer, Off-shore Banking Unit or any other person defined in FEMA, 1999
Question : What is the due date of furnishing SFT or reportable accounts?
Answer : Due date of furnishing SFT in Form 61A is on or before 31 May of the Financial year, immediately following the Financial year in which the transaction is recorded or registered. Due date of furnishing Statement of reportable account in Form 61B shall be submitted by prescribed reporting financial institution for every calendar year on or before 31 May of next year.
Question : What if SFT or reportable accounts is not filed on time?
Answer : Failure to furnish statement of transaction will attract a penalty of Rs.500 per day till the period of notice.
However if the statement is not furnished even after expiry of notice penalty will be Rs 1000 per day after expiry of notice.
Question : What if incorrect information is furnished in SFT or reportable accounts?
Answer : A penalty of Rs 50,000 will be levied for furnishing inaccurate information. Penalty will be applied only if authorities are satisfied that inaccurate information has been furnished deliberately.