1. CBDT extends due date for furnishing Statement of Financial Transaction to June 30

CBDT extends due date for furnishing Statement of Financial Transaction to June 30

Section 285BA of the Income-Tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-Tax Rules, 1962.

By: | Published: May 31, 2017 6:02 PM
indian tax law, tax law, tax jurisdiction, India, Deloitte, Asia Pacific region, asia, Asia Pacific Tax Complexity Survey, tax, tax policies, china, GST, BEPS Representations were received in CBDT requesting for extension of the date of filing of SFT.

The Central Board of Direct Taxes (CBDT) has extended the due date for furnishing Statement of Financial Transaction (SFT) to 30th June 2017.

It may be noted that Section 285BA of the Income-Tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-Tax Rules, 1962. The due date for filing such SFT in Form 61A in respect of specified financial transactions registered or recorded during the Financial Year 2016-17 is 31st May 2017.

However, representations were received in the Central Board of Direct Taxes (CBDT) requesting for extension of the date of filing of the said SFT on account of the teething problems and the volume of data to be compiled. In view of these representations and in order to remove inconvenience and to facilitate ease of compliance, CBDT, in exercise of powers conferred under section 119 of the Act, has extended the due date of furnishing of the SFT under Rule 114E (5) of the IT Rules, read with sub-section (1) of section 285BA of the Income Tax Act, 1961 in respect of specified financial transactions registered or recorded during Financial Year 2016-17, from 31st May 2017 to 30th June 2017.

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