Today (31st May) is the last day to file the Statement of Financial Transactions
Posted on: 31/May/2017 3:23:18 PM
The Income Tax department has announced that today (Wednesday, 31st May) is the last day to file SFT (Statement of Financial Transactions) for the financial institutions such s banks, post offices, and financial companies.
As per the IT Act 1961, 31st May is the last day to file the SFT for the financial year 2016-17.
Banks, Cooperative and commercial banks, Post Offices, financial institutions, stock market agents, Financial Consultants, foreign tourism operators, the foreign exchange dealer, etc., have to fill up Form 61A to file this return of Statement of Financial Transactions online.
Especially, the institutions which transacted over Rs. 2 lakhs, such as jewellery shops, automobile dealers, fish traders, tourist/travel agencies, etc., must compulsorily file this SFT (Statement of Financial Transactions) as per the New IT Act 1961, Section 285BA.
Penalty notices will be issued to the institutions which have not filed SFT before 31st May. An immediate legal enquiry will be undertaken and may lead to imprisonment as well.
In case there any doubts while filing this SFT IT returns, a special centre has been set up in the Income Tax Office.
