Today we will discuss the very new topic SFT Filing in income tax. In this blog we will discuss on who will be required to file the SFT, how to upload the SFT,Due date of the SFT penalty for not uploading the SFT on time.
Who will required to file the SFT
Any assesses who has done following Financial transaction during previous year under Section 285BA are as follows. In this we will discuss provision applicable to Company and Individual. We have not taken banking and Mutual fund industry there.
- Receipt from any person for acquiring bonds or debentures issued by the company or institution (other than renewal)aggregate Rs 10 laks in a year
- Receipt from any person for acquiring shares (including share application money) issued by the company aggregate Rs 10 laks in a year
- Buyback of shares from any person (other than the shares bought in the open market)aggregate Rs 10 laks in a year
- Cash receipt for sale, by any person, of goods or services of any nature Exceeding Rs 2 lakh in a year
- Any other
Steps for SFT Filing
Steps for Registration
Login to https://portal.incometaxindiaefiling.gov.in – My Account – Reporting Portal Beta Version – New Registration
If Registration already done earlier then go to Manage Principal Officer, Add PO and then go to https://report.insight.gov.in/ and Login – Forgot Password
Use Director/ Partner PAN as user ID
Add designated director from Manage User – Registered user – add user
Steps for Statement generation and Submission
- Use Report_Generation_and_Validation_Utility_Form_61A-V4.1 – Fill data for 61A
- Statement number can be 2018/01 , Type – Aggregate (AF)
- If no data to report – select no data to report
- Save Draft
- Validate and Generate XML
- Then use Generic Submission Utility-V1.0 to generate file to upload on https://report.insight.gov.in/
- Login from designated director
- Upload DSC of designated director – Go to Internet Explorer – Content – Certificate- Export – Save file and upload this file here
- Statement upload – in case of Nil Select NIL otherwise original
Due Date of SFT Filing for Financial Year 2017-18 and Assessment year 2018-19
SFT filing date is 31st May 2018.
Penalty for not filing the SFT
Penalty for not filing the SFT is 100 Rs per day. If received any letter from the department it will be 500 per day
Is Nil Return of SFT is compulsary
As per our opinion Nil return of SFT is not compulsory. It is advisable to file the preliminary response in SFT.
