SFT filing

Save Share

This query is : Resolved

Quick Summary

The SFT filing, also known as Form 61A, is mandatory for companies that register, maintain, or record specified financial transactions under Section 285BA of the Income Tax Act. If no such transactions occurred, a NIL statement is not required, but a preliminary response must still be filed. For transactions like issuing shares exceeding Rs. 10 lakh, the due date for filing the Statement of Financial Transactions is 31st May of the following financial year.

SHYAM KRISHNAN K

SHYAM KRISHNAN K (Querist)
Follow

11 November 2022 Is the SFT filing is mandatory for all companies.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

11 November 2022 Section 285BA of the Income Tax Act, read with rule 114E of the Income Tax Rules, specifies that who register, maintain or record any specified financial transactions are required to furnish such SFT in Form No. 61A.
If no such transactions are recorded in any such period It is the not mandatory to file NIL statement of Financial Transaction (Form 61A). However, an assessee has to file preliminary response.

SHYAM KRISHNAN K

SHYAM KRISHNAN K (Querist)
Follow

11 November 2022 our company has issued shares more than Rs.10 lakh, i think it would be applicable in that case. now i want to know that the due date for filing the same.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

11 November 2022 Statement of Financial Transactions needs to be furnished within 31st May of next year for every previous financial year where the transaction occurs.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now