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
What is statement of financial transaction (SFT)?
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.
Who is required to file statement of SFT?
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
What is the due date of furnishing SFT or reportable accounts?
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.
What if SFT or reportable accounts is not filed on time?
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.
What if incorrect information is furnished in SFT or reportable accounts?
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.
Extremely delightful for the services provided by you, thanks a lot in filling my return in short time.
Must take a moment to recognise and appreciate Yash who was managing my papers . He is a diligent and patient guy but on the same hand also persuasive . Appreciate these traits . Wish him all the best .
I used to previously file my ITR through a professional, but I never understood why am I paying interest in my ITR even though I had filed my returns before due date. So, I went to AJVA for Tax Consultation they explained to me why I am paying interest and guided me on the Advance Tax concept and now I give them the required estimation of income and pay advance tax. It has helped me save a lot of money and avoid interest.
I wished to file my ITR at minimal cost, so I was convinced to file it by myself. During filing I came across a lot of queries but ignored it as didn’t seem much important. However, I received a notice from IT department as I had filed a defective return. To resolve this, I contacted AJVA, they not only resolved the issue but also guided me on how to file and where I went wrong.
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