Skip to content
Laws and sections by number or title, due dates, pages, and updates.
Specified reporting persons must register and submit statements of financial transactions in Form No. 61A through online electronic data transmission under digital signature. The reporting entity logs in to the e-filing website to obtain an Income Tax Department Reporting Entity Identification Number and submits details of the designated director and principal officer. The reporting person furnishes the statement on or before the thirty-first day of May immediately following the financial year. The statement of financial transaction for cash deposits during specific periods in the year 2016 requires submission on or before the thirty-first day of January 2017.
What you must do
Key dates
Law this touches
Who is affected
Thresholds
Ask about this notification
DGIT(S)-ADG(S)-2/e-filing notification/106/2016
Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems)
Notification No. 1 of 2017 New Delhi, 17th January, 2017
Procedure for registration and submission of statement of financial transactions (SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962 Section 285BA of the Income Tax Act, 1961 (hereunder referred to as the “Act”) requires specified reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 (hereunder referred to as the “Rules”) specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in Form No. 61A. The nature and value of transaction to be furnished by the reporting person under Rule 114 E is enclosed as Annexure A. 2. As per sub rule (6)(a) of Rule 114E, every reporting person/entity shall communicate to the Principal Director General of Income-tax (Systems) the name, designation, address and telephone number of the Designated Director and the Principal Officer and obtain a registration number. The procedure for registration for statement of financial transactions (SFT) was specified in Notification No. 13 dated 30th December, 2016. The functionality for submission of statement of financial transactions has now been enabled and the earlier instruction is being updated. 3. As per sub rule (4)(a) of Rule 114E, the statement of financial transactions shall be furnished through online transmission of electronic data to a server designated for this purpose under the digital signature of the person specified in sub-rule (7) and in accordance with the data structure specified in this regard by the Principal Director General of Income- tax (Systems). The Post Master General or a Registrar or an Inspector General have the option to furnish the statement in a computer readable media, being a Compact Disc or Digital Video Disc (DVD), alongwith verification in Form-V on paper. The statement of financial transactions shall be furnished on or before the 31st May, immediately following the financial year in which the transaction is registered or recorded. The statement of financial transaction in respect of Cash deposits during the period 1st April, 2016 to 8th November, 2016 and 9th November, 2016 to 30th December, 2016 shall be furnished on or before the 31st day of January, 2017.
Annexure A Nature and value of transactions to be reported under Rule 114E
| Sl. No. | Nature and value of transaction | Class of person (reporting person) |
|---|---|---|
| (1) | (2) | (3) |
| 1. | (a) Payment made in cash for purchase of
bank drafts or pay orders or banker's
cheque of an amount aggregating to ten
lakh rupees or more in a financial year.
(b) Payments made in cash aggregating to ten lakh rupees or more during the financial year for purchase of pre-paid instruments issued by Reserve Bank of India under section 18 of the Payment and Settlement Systems Act, 2007 (51 of 2007). (c) Cash deposits or cash withdrawals (including through bearer's cheque) aggregating to fifty lakh rupees or more in a financial year, in or from one or more current account of a person. | A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act). |
| 2. | Cash deposits aggregating to ten lakh rupees or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person. | (i) A banking company or a co-operative
bank to which the Banking Regulation Act,
1949 (10 of 1949) applies (including any
bank or banking institution referred to in
section 51 of that Act);
(ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898). |
| 3. | One or more time deposits (other than a time deposit made through renewal of another time deposit) of a person aggregating to ten lakh rupees or more in a financial year of a person. | (i) A banking company or a co-operative
bank to which the Banking Regulation Act,
1949 (10 of 1949) applies (including any
bank or banking institution referred to in
section 51 of that Act);
(ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898); (iii) Nidhi referred to in section 406 of the Companies Act, 2013 (18 of 2013); |
