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What is right procedure to file SFT 006

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Vinithraj R

37 Points Posted on 24 September 2021

What is right procedure to file SFT 006 case .
Client is insurance agent so he made payment through his credit card later he collected premium amount from client. so he received SFT 006 for over 10lack payment
solution please..

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Quick Summary

This discussion addresses the correct procedure for filing SFT 006, particularly for an insurance agent who paid premiums via credit card and then collected from the client, resulting in a notification for over 10 lakh in payments. It explains that SFT stands for Statement of Financial Transactions, introduced by the Income Tax Department to combat black money. To file SFT, one needs to obtain an ITDREIN number by registering on the Insight Portal and then file under the appropriate eligible code.

Rama chary Rachakonda

Master in Accounts & high court Advocate

9620 Points Posted on 24 September 2021

SFT in Form 26AS – Filing ITR, you should check Form 26AS for SFT. The new concept of SFT is added recently by the Income tax department. SFT is abbreviated word. Full form of SFT is Statement of Financial Transactions. The prime purpose of tracking and including SFT in form 26AS is curbing black money.