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Sft 2017-18

CA CHETAN GUPTA (CA) (588 Points)

31 May 2018

Income Tax New Rporting Portal for SFT is Down since today. And Now by 10 PM Incometax Website is Down for Maintenance.

Unable to File SFT PRELIMINARY RESPONSE.

Assessee: Audited U/s 44AB

No reportable Transactions. Nil Transaction in SFT 013. And Others NA

Is it Mandatory to File this Preliminary Response?

Is Penalty Applicable to such Assessee?

Should Income Tax Extend Due Date ?

Thanks

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2 Replies

FAHEEM AKRAM (293 Points)
Replied 01 June 2018

Hi,
I am a retailer having cash sales in excess of 50 Lakhs in a financial year. I deposit the same in parts across the year.
Is SFT applicable to me?
Do I have to file form 61A or will the bank be responsible to file the same?
And what to file in Preliminary Response under SFT?
Whether to select 'Yes' or 'Not Applicable' in preliminary response against the option SFT 003 i.e. Cash Deposits or Withdrawals in Current Account?

Kindly guide me in this matter.

CA CHETAN GUPTA (CA) (588 Points)
Replied 04 June 2018

SFT 003 is not for You. You are covered under SFT if u are having Audit U/s 44AB. And if yes, then Point SFT 013 will Apply to U. i.e. Cash Sale of 200000/- or more in a Single Bill.