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5/19/2017 GuidelinesforPreparationofStatementofFinancialTransactions(SFT)

Articles
IncomeTax GuidelinesforPreparationofStatementofFinancialTransactions
(SFT)

admin |IncomeTax 19Jan2017 18,391Views 2comments


Section 285BA of the Income Tax requires specified reporting persons to furnish statement of
financialtransaction.Rule114EoftheIncomeTaxRules,1962specifiesthatthestatementof
financialtransactionrequiredtobefurnishedundersubsection(1)ofsection285BAoftheAct
shallbefurnishedinFormNo.61A.

TheprescribedschemaforForm61Acanbedownloadedfromtheefilingwebsitehomepage
under Schema & Validation Rules tab and a utility to prepare Form 61A XML file can be
downloadedfromtheefilingwebsitehomepageunderforms(otherthanITR)tab.

TransactionTypes

Reportingperson/entityisrequiredtofurnishseparateForm61Aforeachtransactiontype.The
transactiontypesunderSFThavebeencategorisedasunder:

SFT001:Purchaseofbankdraftsorpayordersincash
SFT002:Purchaseofprepaidinstrumentsincash
SFT003:Cashdepositincurrentaccount
SFT004:Cashdepositinaccountotherthancurrentaccount
SFT005:Timedeposit
SFT006:Paymentforcreditcard
SFT007:Purchaseofdebentures
SFT008:Purchaseofshares
SFT009:Buybackofshares
SFT010:Purchaseofmutualfundunits
SFT011:Purchaseofforeigncurrency
SFT012:Purchaseorsaleofimmovableproperty
SFT013:Cashpaymentforgoodsandservices
SFT 014: Cash deposits during specified period (1st April, 2016 to 8th November, 2016
and9thNovto30thDec,2016).

Identificationoftransactionstobereported

The first step in preparation of Statement of Financial Transactions (SFT) is to identify


transactions/persons/accountswhicharereportableunderRule114E.Inthesecondstep,the
reportingperson/entityisrequiredtosubmitdetailsoftransactions/persons/accountswhichare
determinedasreportable.

AggregationRule

Aggregation rule needs to be applied for specified transaction types to identify


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5/19/2017 GuidelinesforPreparationofStatementofFinancialTransactions(SFT)
Aggregation rule needs to be applied for specified transaction types to identify
transactions/persons/accounts which are reportable. Rule 1 14E specifies that the reporting
personshall,whileaggregatingtheamountsfordeterminingthethresholdamountforreporting
inrespectofanyperson

(a) take into account all the accounts of the same nature maintained in respect of that
personduringthefinancialyear

(b) aggregate all the transactions of the same nature recorded in respect of that person
duringthefinancialyear

(c) attribute the entire value of the transaction or the aggregated value of all the
transactionstoallthepersons,inacasewheretheaccountismaintainedortransactionis
recordedinthenameofmorethanoneperson

TheaggregationruleisapplicableforalltransactiontypesexceptSFT012(Purchaseorsaleof
immovableproperty)andSFT013(Cashpaymentforgoodsandservices).

ReportingFormat

Form 61A has four parts. Part A contains statement level information is common to all
transaction types. The other three parts relate to report level information which has to be
reportedinoneofthefollowingparts(dependingonthetransactiontype):

PartB(PersonBasedReporting)
PartC(AccountBasedReporting)
PartD(ImmovablePropertyTransactionReporting)

Theapplicabilityofthereportingformatisdiscussedinfollowingparagraphs.

PersonBasedReporting(PartB)

PartBshallbeusedforpersonbasedreportingwhichisrelevanttofollowingtransactions:

SFT001:Purchaseofbankdraftsorpayordersincash
SFT002:Purchaseofprepaidinstrumentsincash
SFT005:Timedeposit
SFT006:Paymentforcreditcard
SFT007:Purchaseofdebentures
SFT008:Purchaseofshares
SFT009:Buybackofshares
SFT010:Purchaseofmutualfundunits
SFT011:Purchaseofforeigncurrency
SFT013:Cashpaymentforgoodsandservices

Fordeterminingreportablepersonsandtransactions,thereportingperson/entityisrequiredto
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5/19/2017 GuidelinesforPreparationofStatementofFinancialTransactions(SFT)
Fordeterminingreportablepersonsandtransactions,thereportingperson/entityisrequiredto
aggregateallthetransactionsofthesamenaturerecordedinrespectofthepersonduringthe
financialyear(refertotheapplicabilityofaggregationrule).Inacase,wherethetransactionis
recordedinthenameofmorethanoneperson,thereportingperson/entityshouldattributethe
entirevalueofthetransactionortheaggregatedvalueofallthetransactionstoallthepersons.

Thereportingperson/entityisrequiredtosubmitdetailsofpersonsandtransactionswhichare
determined as reportable. The reporting format also enables reporting person/entity to furnish
informationrelatingtoeachindividualproductwithinaproducttype.E.g:ifapersonhasmultiple
credit cards and the aggregate value of the transactions in all credit cards exceeds the
thresholdvalue,theaggregatetransactionvaluewillbereportedinsectionB3ofform61Aand
thetransactionspertainingtoindividualcreditcardscanbereportedinsectionB4ofform61A.

AccountBasedReporting(PartC)

PartCshallbeusedforaccountbasedreportingwhichisrelevanttofollowingtransactions:

SFT003:Cashdepositincurrentaccount
SFT004:Cashdepositinaccountotherthancurrentaccount

SFT 014: Cash deposits during specified period (1st April, 2016 to 8th November, 2016
and9thNovto30thDec,2016).

Fordeterminingreportablepersonsandaccounts,thereportingperson/entityisrequiredtotake
intoaccountalltheaccountsofthesamenaturemaintainedinrespectofthatpersonduringthe
financialyearandaggregateallthetransactionsofthesamenaturerecordedinrespectofthe
personduringthefinancialyear(refertotheapplicabilityofaggregationrule).Inacasewhere
the account is maintained in the name of more than one person, the reporting person/entity
shouldattributetheentirevalueofthetransactionortheaggregatedvalueofallthetransactions
to all the persons. In case of SFT 003 (Cash deposit or withdrawals in current account), the
threshold limit has to be applied separately to deposits and withdrawals in respect of
transactions.Afteridentificationofreportablepersonsandaccounts,thereportingperson/entity

is required to submit details of accounts which are determined as reportable. Part C3 of the
form 61 A has details of the accounts that need to
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5/19/2017 GuidelinesforPreparationofStatementofFinancialTransactions(SFT)

form 61 A has details of the accounts that need to be reported along with the aggregate
transaction values. Aggregation of transaction has the same definition as explained in person
basedaccounting.

ImmovablePropertyTransactionReporting(PartD)

PartDshallbeusedforreportingofpurchaseorsaleofimmovableproperty(SFT012).The
reportable immovable property transactions have to be determined by applying the threshold
limit. The reporting person/entity is required to submit specified details of immovable property
transactionswhicharedeterminedasreportable.

StatementType

One Statement can contain only one type of Statement. Permissible values for type of
Statementare:

NBNewStatementcontainingnewinformation
CBCorrectionStatementcontainingcorrectionsforpreviouslysubmittedinformation
NDNoDatatoreport

StatementNumberandStatementID

StatementNumberisafreetextfieldcapturingthesendersuniqueidentifyingnumber(created
bythesender)thatidentifiestheparticularStatementbeingsent.Theidentifierallowsboththe
sender and receiver to identify the specific Statement later if questions or corrections arise.
AftersuccessfulsubmissionoftheStatementtoITD,anewuniqueStatementIDwillbeallotted
for future reference. The reporting person/entity should maintain the linkage between the
StatementNumberandStatementID.Incasethecorrectionstatementisfiled,statementIDof
the original Statement which is being corrected should be mentioned in the element Original
StatementID.IncasetheStatementisnewandunrelatedtoanypreviousStatement,0willbe
mentionedintheelementOriginalStatementID.

ReportSerialNumber

TheReportSerialNumberuniquelyrepresentsareportwithinaStatement.TheReportSerial
Number should be unique within the Statement. This number along with Statement ID will
uniquelyidentifyanyreportreceivedbyITD.Incaseofcorrection,thecompletereporthastobe
resubmitted.TheReportSerialNumberoftheoriginalreportthathastobereplacedordeleted
shouldbementionedintheelementOriginalReportSerialNumber.

This number along with Original Statement ID will uniquely identify the report which is being
corrected. In case there is no correction of any report, 0 will be mentioned in the element
OriginalReportSerialNumber.

Form61AcknowledgementNo.
Ifreportingperson/entityhasreceiveddeclarationsinForm60inrespectoftransactionslisted
in Rule 1 14E, Form 61 is required to be furnished to ITD. As mentioned in Chapter I, on
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5/19/2017 GuidelinesforPreparationofStatementofFinancialTransactions(SFT)
in Rule 1 14E, Form 61 is required to be furnished to ITD. As mentioned in Chapter I, on
successfulloadingofForm61(containingtheparticularsofForm60),anAcknowledgementNo.
wouldbegeneratedwhichhastobementionedatthetimeoffillingForm61A.Hence,unless
Form 61 has been furnished, Reporting person/entity may face difficulty in filling Form 61A.
Accordingly,itistobeensuredthatForm61isfurnishedtotheDepartmentbeforeForm61Ais
filled.

AdditionalResource
The reporting person/entity may refer to following resources released by the Directorate of
Systems:

UserManualfor UserManualtoexplainstepsin
ITDREIN registrationoffilerandupload
Registrationand ofSFT(Form61A)
Upload

SFTReport Javautilitytoassistthefilerin
GenerationUtility preparationofSFT(Form61A)
inXMLfile

SFTReport UserGuidetoexplainstepsin
GenerationUtility usingtheJavautilitytoassist
UserGuide thefilerinpreparationofSFT
(Form61A)inXMLfile

SFTQuick Onepagedocumentwithsteps
ReferenceGuide forpreparationofSFT

ThedeveloperswhowanttodevelopprogramtogenerateXMLmayrefertothefollowing:

Form61A XSDfilewhichcontainsthe
Schema schemainwhichSFT(Form61A)
needstobepreparedand
uploaded/submitted

Form61A Guidetoassistthefilerin
SchemaGuide understandingtheForm61A
Schema

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