Press Release by CBDT in regard to SFT under Section-285BA.

CBDT has issued circular dated 26/05/2017 giving clarification on furnishing of Statement of Financial Transactions(SFT) & SFT Preliminary Response

Section 285BA of the Income-tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax
Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017.

The press release In case there are reportable transactions for the year, the reporting person/entity is required to register with the Income Tax Department and generate Income Tax Department Reporting Entity Identification Number (ITDREIN) The same can be generated by logging-in to the e-filing website with the log in ID used for the purpose
of filing the Income Tax Return of the reporting person / entity. Entity having PAN can take only PAN based ITDREIN. Entity having TAN can generate an ITDREIN only when such TAN’s Organisational PAN is not available.

The registration of reporting person (ITDREIN registration) is mandatory only when at least one of the Transaction Type is reportable. 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.

The entire cicular has been provided below for reference:

SFT-Press Release.

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