Quick Summary
The Central Board of Direct Taxes has released theFormat, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Mutual Fund Transactions by Registrar and Share Transfer Agent underSection 285BA of the Income Tax Act, 1961 and Rule 114E.Read the official notification below: DGIT(S)/ADG(S)-2/Reporting Portal/2021/180 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No. 4 of 2021 New
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FAQ :
Registrar and Share Transfer Agents are required to submit the Statement of Financial Transactions (SFT) for mutual fund transactions.
The SFT is submitted to help pre-fill income tax returns and enable taxpayers to reconcile the reported information with their Annual Information Statement (AIS).
For the Financial Year 2020-21, the SFT must be submitted by 31st May 2021. Subsequently, quarterly statements are due by the 25th of July, October, January, and April for the quarters ending June, September, December, and March, respectively.
Data files should be prepared in the prescribed format from internal systems and submitted using an SFTP Server with provided login credentials.
If any inaccuracies or defects are discovered in the submitted statement, a correction or deletion statement must be submitted to rectify them.
Yes, reporting entities must implement appropriate information security policies and procedures to ensure the security of submitted information and related documents.
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