Status Check, Procedures, Facilities

Organisation : Protean eGov Technologies Limited
Facility Name : Filing of Statement of Financial Transactions (SFT)
Applicable States / UTs : All India
Website : https://tinpan.proteantech.in/faqs/SFT/faq-SFT.html

What is Filing of Statement of Financial Transactions?

The Statement of Financial Transactions (SFT) is a reporting mechanism under Section 285BA of the Income Tax Act in India. It requires specified entities to report high-value financial transactions to the Income Tax Department. The obligation falls on designated “reporting persons,” including entities like banks, post offices, NBFCs, and registrars of property.

Related / Similar Facility : Correction On Form 24G Statement

Who is required to submit Statement of Financial Transaction (SFT)?

** Section 285BA of the Income Tax specified reporting persons to furnish Statement of Financial Transaction (SFT).
** Rule 114E of the Income Tax Rules, 1962 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.

How To Submit Statement of Financial Transaction (SFT)?

** Post Offices and Sub-Registrars can submit SFT statements to TIN Facilitation Centers (TIN-FCs) and all the other category of filers should furnish the statement online at e-Filing portal of Income Tax Department.
** The address details of TIN-FCs is available at TIN website link https://tinpan.proteantech.in/tin-facilities.html

The pre-requisites are as under to submit the SFT statement at TIN FC:
** Signed control sheet of Form 61A (generated from the utility downloaded from https://incometaxindiaefiling.gov.in/
** Form 64A i.e. XML file in electronic form in computer media (CD)

To get the utility (i.e. software) for preparing statement (Form 61A) in XML file and generation of physical control sheet form:
a. Please go to e-filing portal at https://incometaxindiaefiling.gov.in
b. Click on the Forms (other than ITR) tab under the Downloads section.
c. Click on the Download link against Form 61A to download the Utility.
d. It allows the user to save the file in the location selected by the user.

Charges To Submit Statement of Financial Transaction (SFT)

You have to pay charges as mentioned below for furnishing the SFT at TIN FCs:

The tax payer can contact its local post office with the speed post ref no displayed at the Protean-TIN website