CBDT on 26.05.2017 claries that for
having even one transaction it is
mandatory to file Form 61A for furnishing of Financial Transactions (SFT) & SFT Preliminary Response for No
Transactions.
Section
285BA of the Income-tax Act, 1961
It requires furnishing of a
statement of financial transaction for transactions prescribed under Rule 114E
of the Income-tax Rules, 1962 and the due date for filing such SFT in Form 61A
is 31st May 2017.
In case of reportable
transactions:
ü The
reporting person/entity is required to register with the Income Tax Department
and generate Income Tax Department Reporting Entity Identification Number
(ITDREIN)
ü The same
can be generated by logging-in to the e-filing website (https://incometaxindiaefiling.gov.in/) with the log in
ID used for the purpose of filing the Income Tax Return.
ü Entity
having PAN can take only PAN based ITDREIN and entity having TAN and not PAN
can use TAN for generating ITDREIN.
ü The registration of reporting person (ITDREIN
registration) is mandatory only when at least one of the Transaction Type is
reportable.
ü
A functionality “SFT Preliminary Response” has
been provided on the e-Filing portal for the reporting persons to indicate that
a specified transaction type is not reportable for the year.
