Furnishing statement of financial transactions; CBDT issues clarification

New Delhi [India], May 26 (ANI): The Central Board of Direct Taxes (CBDT) on Friday issued a clarification on furnishing statements of financial transactions.
It said that Section 285BA of the Income Tax Act, 1961, requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962.
The due date for filing such SFT in Form 61A is May 31.
In case there are reportable transactions for the year, the reporting person/entity is required to register with the Income Tax Department and generate Income Tax Department Reporting Entity Identification Number (ITDREIN).
The same can be generated by logging-in to the e-filing website (https://incometaxindiaefiling.gov.in/) with the log in ID used for the purpose of filing the Income Tax Return of the reporting person / entity. Entity having PAN can take only PAN based ITDREIN.
Entity having TAN can generate an ITDREIN only when such TAN's Organisational PAN is not available.
The registration of reporting person (ITDREIN registration) is mandatory only when at least one of the Transaction Type is reportable.
A functionality "SFT Preliminary Response" has been provided on the e-Filing portal for the reporting persons to indicate that a specified transaction type is not reportable for the year.
Detailed procedure of ITDREIN registration and upload of Form 61A is available under the "Help" section and Form 61A utility and Schema are available under the download section of http://www.incometaxindiaefiling.gov.in and https://www.cleanmoney.gov.in.
Online filing of form 61A requires a valid class 2 or 3 digital signature certificate of person responsible for filing the same.
The general public can refer to the "DSC Management Utility" manual under the help section to know how to generate the signature file, attaching the XML with signature and uploading of XML with signature file in e-Filing portal, the CBDT said in its statement. (ANI)

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