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TMI BlogProcedure for registration and submission of statement of financial transactions (SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962X X X X Extracts X X X X X X X X Extracts X X X X ..... r referred to as the Act ) requires specified reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 (hereunder referred to as the Rules ) specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in Form No. 61A . The nature and value of transaction to be furnished by the reporting person under Rule 114 E is enclosed as Annexure A . 2. As per s ub rule (6)(a) of Rule 114E , every reporting person/entity shall communicate to the Principal Director General of Income-tax (Systems) the name, designation, address and telephone number of the Designated Director and the Principal Officer an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... implementing appropriate security, archival and retrieval policies. 5. The values under Statement Type Person Type and field number in Part B of Form No. 61A have been modified / enhanced in exercise of the power delegated under sub-rule (4)(b) of Rule 114E by the Principal Director general of Income-tax (Systems). The detailed list of modification / changes in schema / data structure of the Form No.61A is attached as Annexure D. 6. In exercise of the powers delegated by Central Board of Direct Taxes ( Board ) under sub rule (4)(a) and (4)(b) of Rule 114E of the Income tax Rules 1962 , the Principal Director General of Income-tax (Systems) hereby lays down the following procedures: a) Already registered reporting person ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o submit the details of designated director either at the time of new registration or at later stage, but before any statement is submitted on reporting portal. The designated director will receive a confirmation e-mail with login credentials for login into reporting portal (https://report.insight.gov.in) at his/her registered email address. Only, the designated director of the reporting person/entity can digitally sign and upload the Statement of Financial Transaction (SFT) and the corresponding correction statements, if any through his/her own login credentials at the reporting portal or through Generic submission Utility. d) Submission of Form No. 61A : Every reporting person/entity is required to submit the Statement of Financial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f) Deletion of Submitted Reports in a statement: In case, the reporting person/entity wishes to delete the inadvertently filed reports within a statement, it can choose the statement type as Deletion Statement and file all such reports within a single statement to be deleted with exact previously filed values against each field. The manner of filing Deletion Statement shall be similar to submission of correction statement. g) Security, archival and retrieval policies: The reporting person/entity is required to document and implement appropriate information security policies and procedures with clearly defined roles and responsibilities to ensure security of submitted information and related information/documents. The reporting pers ..... X X X X Extracts X X X X X X X X Extracts X X X X
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