Tax department extends date for filing SFT by banks, MFs till June 30

The Income Tax department on Wednesday extended the date for filing the Statement of Financial Transaction (SFT) report by banks, mutual funds and financial institutions by a month to June 30.

The Central Board of Direct Taxes (CBDT) received representations for extension of the date on account of the "teething problems and the volume of data to be compiled", the finance ministry said in a statement.

"In view of these representations and in order to remove inconvenience and to facilitate ease of compliance, the CBDT, have extended the due date of furnishing of the SFT in respect of specified financial transactions registered during Financial Year 2016-17, from May 31, 2017 to June 30, 2017," the statement said.

CBDT had last week asked the entities required to furnish SFT under 114E of Income Tax Rules to register with the I-T department and generate Income Tax Reporting Entity Identification Number (ITDREIN).

Banking companies, cooperative banks, trustees of a mutual funds and post offices need to file SFT for payments and receipts beyond a certain threshold.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel