Sft transaction

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 May 2017 In SFT 13 : receipt of cash payment exceeding Rs.2 lakhs by any person for sale of goods and services.

Whether Rs. 2 lakhs received is single transaction of sale or receipt or Rs.2 lakhs received from a person in a year with multiple transactions.

Person Liable to 44AB cases:-

Is it mandatory to reply to SFT compliance as NIL or Not Applicable and then file the NIL return of Form 61A.

Or NIL return can be filed without replying to SFT compliance.

Thanking you, awaiting for your early response.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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27 May 2017 Quote form CBDT press release dated 26.5.2017 is

"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".

Inference is SFT is mandatory, but form 61A has to be filed only if there is reportable transaction(s).