Submission of Statement of Financial Transaction (SFT) in Form No. 61A in case of no reportable transactions and “SFT Preliminary Response”

As the last date of filing the ‘Statement of Financial Transactions (SFT)’ in Form No. 61A as prescribed under Rule 114E of the Income-tax Rules 1962 is fast approaching, the Direct Taxes Committee of ICAI is receiving a number of queries seeking clarification regarding submission of SFT in form no. 61A in case of no reportable transaction and submission of the "SFT Preliminary Response" under compliance section post login to e-Filing portal.

Members may note that the said issues have been taken up by the Committee with the Income-tax department on priority and the department is likely to issue a clarification regarding:

• Submission of Statement of Financial Transaction (SFT) in Form No. 61A in case of no reportable transactions and
• Submission of “SFT Preliminary Response”