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October 4, 2023 9:55 am

Banks, foreign exchange dealers have ‘couple of days more’ to report high-value transactions, says I-T dept

New Delhi, June 1

Banks, foreign exchange dealers and other reporting entities have ‘couple of days more’ to report high-value transactions done by their clients in 2022-23 by filing SFT returns, the I-T department has said.

The last date for filing a statement of financial transactions (SFT) for 2022-23 fiscal was May 31.

In a tweet, the I-T department said due to heavy traffic on the reporting portal, some SFT filers may have encountered difficulties in filing SFT returns.

“… the functionality for filing of SFT returns will remain open for a couple of days more to enable smooth filing of SFT returns,” the tax department tweeted on Wednesday night.

Under SFT, specified institutions are required to furnish the details of certain financial transactions or any reportable account registered/recorded/maintained by them during the year.

Delay in filing of SFT returns may attract a penalty of up to Rs 1,000 for each day of default. Non-filing or filing inaccurate statements may also lead to levy of penalty.

Through SFT, the Income-Tax department keeps a track of high-value transactions undertaken by a person.

The reporting entities which are required to file SFT returns with tax authorities include foreign exchange dealers, banks, sub-registrar, NBFC, post offices, issuer of bonds/debentures, mutual fund trustees, company paying dividend or buying back shares.

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