Statement of financial transection
This query is : Resolved
24 May 2018
what is SFT?
Why we required to file SFT?
please provide applicability of SFT
and to whom to file SFT.
Why we required to file SFT?
please provide applicability of SFT
and to whom to file SFT.
24 May 2018
Answer will be very lengthy. So please refer section 285BA and Rule 114E of
the IT Act,1961 and IT Rules, 1962 respectively.
the IT Act,1961 and IT Rules, 1962 respectively.
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25 May 2018
Kindly login to the following link, you may know further https://report.insight.gov.in/reporting-webapp/portal/homePage
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25 May 2018
whether person liable to audit need to report under all head of reporting
all only for cash reciept more than 2 lakh
all only for cash reciept more than 2 lakh
25 May 2018
> Rs.2,00,000/- only.
25 May 2018
As per my view, If an assessee has to file for cash receipts more than 2 lacs then he has to choose "Yes" on the required tab (SFT-013) and select "Not Applicable" on the other all 13 tabs. But clarification needed from Experts like Warrier sir. Like this, is NIL report also a compulsory one?
25 May 2018
Section does not specifically mandate filing of nil statement.
25 May 2018
Yes sir. But for safer side I plan to file a nil statement.
25 May 2018
Please do not begin unwanted precedence.
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25 May 2018
Oh Ok sir. But I saw an article about SFT and its concluded that for a safer side we may file a NIL statement being Utility provides that option to do. So that only I think so sir. Thanks sir for your guidance.
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