Everything About Statement of Financial Transaction Under Section 285BA Explained

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Who Is Responsible for Reporting Specified Transactions in SFT?

According to Section 285BA of the Income Tax Act, the Central Board of Direct Taxes (CBDT) has the authority to prescribe values against different specified financial transactions regarding specified personas dealing with such transactions. The following discusses this prescribed format of CBDT via Rule 114E related to SFT transaction in Form 26AS.

Nature of Transaction to be Reported	Monetary Threshold of Transaction	Specified People Required to Submit SFT
Cash payment of bank drafts or banker’s cheque	Aggregating to ₹ 10 lakhs or more in an FY	Banking institution or cooperative bank adhering to Banking Regulations
Cash payments of pre-paid purchase instruments issued by the Reserve Bank of India	Aggregating to ₹ 10 lakhs or more in an FY	Banking institution or cooperative bank adhering to Banking Regulations
Cash deposits in one or more current accounts of a person	Aggregating to ₹ 50 lakhs or more in an FY	Banking institution or cooperative bank adhering to Banking Regulations
Cash withdrawals from one or more current accounts of a person	Aggregating to ₹ 50 lakhs or more in an FY	Banking institution or cooperative bank adhering to Banking Regulations
Cash deposits in one (or more) accounts except for a current account and time deposits	Aggregating to ₹ 10 lakhs or more in an FY	Banking institution adhering to Banking Regulations or Post Master General of the Post Office
One or more time deposits of any individual	Aggregating to ₹ 10 lakhs or more in an FY	Post Master General of Post Office, Nidhi Company under any banking institution or cooperative bank adhering to Banking Regulations
Credit card payments	Aggregating to ₹ 1 lakh or more in cash or ₹ 10 lakhs or more by any different mode in an FY	Banking institution adhering to Banking Regulations or any other company that issues a credit card
Receipt from any individual for purchasing bonds issued by a company (except renewal)	Aggregating to ₹ 10 lakhs or more in an FY	Organisations issuing bonds or debentures
Receipt for acquiring shares from an individual issued by any company	Aggregating to ₹ 10 lakhs or more in an FY	Companies issuing shares
Buyback of shares from an individual	Aggregating to ₹ 10 lakhs or more in an FY	Listed companies purchasing their securities following section 68 of the Companies Act, 2013
Receipt from any individual for acquiring one or more Mutual Fund schemes’ units (except transferring from one scheme to another)	Aggregating to ₹ 10 lakhs or more in an FY	Individuals with authority to manage Mutual Fund related matters
Receipt from any individual for selling foreign currency through a credit or debit card or by issuing of travellers' cheque	Aggregating to ₹ 10 lakhs or more in an FY	People as authorised under Section 2(c) of the Foreign Exchange Management Act, 1999
Sale or purchase of any immovable property	As outlined in Section 50C, any transaction value of stamp duty authority for ₹ 30 lakhs or more	Inspector-General or Registrar or Sub-Registrar (Appointment done following section 3 and section 6 of the Registration Act, 1908)
Receipt of Cash payment from selling goods or services	Exceeding ₹ 2 lakhs	Individuals capable of auditing as specified under section 44AB of the Income Tax Act

Statement of Financial Transaction under Section 285BA: A Quick Guide

What Is SFT?

What Are the Specified Transactions Required to Report in SFT?

Who Is Responsible for Reporting Specified Transactions in SFT?

What Is the Procedure to Submit SFT?

What to Do If There Is a Defect in the SFT Submitted?

What Are the Consequences of Failure to Comply With Section 285BA and Related Rules?

Failure to Furnish SFT

Incorrect Information

Provision for Penalty

Frequently Asked Questions

✓ Is SFT filing mandatory?

✓ Which transactions are reported in SFT?

More article about Income Tax in India

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