Quick Summary
The Central Board of Direct Taxes (CBDT) has notified the format, procedure and guidelines for submission of Statement of Financial Transactions (SFT) for depository transactions under the Income-tax Act, 2025. The notification has been issued by the Directorate of Income Tax (Systems) under section 508(1) of the Income-tax Act, 2025 read with sub-rule (6) of rule 237 of the Income-tax Rules, 2026. The framework is aimed at providing transaction-related information for the pre-filling of income
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FAQ :
The notification establishes the format, procedure, and guidelines for submitting the Statement of Financial Transactions (SFT) for depository transactions to aid in the pre-filling of income tax returns, especially for capital gains.
SFT reporting for depository transactions will be conducted on a half-yearly basis, covering periods ending September 30 and March 31.
The SFT for the first half of the financial year (ending September 30) is due by October 31, and the SFT for the second half (ending March 31) is due by April 30.
Yes, reporting entities are required to provide the reported information to the account holder to assist them in reconciling it with their Annual Information Statement (AIS).
The FIFO (First in First Out) method is used to identify corresponding purchase transactions for sales, and the holding period is calculated based on the acquisition and sale dates to classify assets as short-term or long-term.
Yes, the CBDT guidelines include a mechanism for correcting or deleting previously submitted information by filing an appropriate correction or deletion statement.
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