As per Section 285BA of the Income Tax Act read with rule 114E of Income Tax Rules 1962, specified reporting persons are required to furnish statement of financial transactions in Form No. 61A. The statement of financial transactions shall be furnished on or before due date, immediately following the financial year in which the transaction is registered or recorded.
Considering the hardship faced by the various stakeholders of the Income Tax Department, the CBDT vide Circular No. 09/2021 has extended the due date for filing of Statement of Financial Transactions relating to FY 2020-21 to 30th June,2021. Please furnish your statements well in advance to ensure that they are accepted for processing before the due date.
The Notification No. 3 of 2018 dated 5th April 2018 specifying the format, procedure and guidelines for submission of Statement of Financial Transactions (SFT code 001 to 014) can be downloaded from the ?User Manual? under Resources Section of Reporting Portal at https://report.insight.gov.in/.
Financial Institutions which have no reportable transactions during F.Y. 2020-21 are only required to submit SFT Preliminary response in following steps:
- Step 1: Go to SFT Preliminary Response Page: Reporting entities can access this page by clicking on Reporting Portal link (Under “Pending Actions” tab) of e-filing Portal at www.incometax.gov.in and select the option SFT Preliminary Response. Reporting entities which are already registered on reporting portal may use the SFT Preliminary Response link under “Profile” tab after logging into the Reporting Portal.
- Step 2: Submit SFT Preliminary Response: : In the SFT Preliminary response page, the entity may select the option “Not Applicable (Not liable to file statement)” against relevant SFT code.
Financial Institutions which have reportable transactions during F.Y. 2020-21 are only required to submit SFT Preliminary response in following steps:
- Step 1: Register on Reporting Portal: Quick Reference Guide for registration is available on the Home Page of Reporting Portal at https://report.insight.gov.in/. This step is not required if the entity is already registered on the reporting portal.
- Step 2: Prepare the Data File in Specified Format: Reporting entities are required to prepare the data file in prescribed format using Report Generation and Validation Utility – Form 61A provided at Reporting Portal.
- Step 3: Prepare encrypted package: Generic Submission Utility should be used to sign and encrypt XML file and prepare secure statement package for uploading at Reporting Portal.
- Step 4: Upload on Reporting Portal: The encrypted package should be uploaded under Statements tab visible after successful login to Reporting Portal (https://report.insight.gov.in/).
For more details refer “Reporting Portal User Guide” available under Resources section on Hope page at Reporting Portal.