CBDT extends due date for furnishing Statement of Financial Transaction

The Central Board of Direct Taxes (CBDT) on Wednesday announced extension of the date of filing for Statement of Financial Transaction (SFT) under Section 285BA of the Income-tax Act, 1961, which requires furnishing under Rule 114E of the Income-tax Rules, 1962.

The due date for filing such SFT in Form 61A in respect of specified financial transactions registered or recorded during Financial Year 2016-17 was announced May 31st.

Representations were received in the CBDT requesting for extension of the date of filing of the said SFT on account of the teething problems and the volume of data to be compiled.

In view of these representations and in order to remove inconvenience and to facilitate ease of compliance, the CBDT, in exercise of powers conferred under section 119 of the Act, have extended the due date of furnishing of the SFT under Rule 114E of the IT Rules, read with sub-section of section 285BA of the Income Tax Act, 1961 in respect of specified financial transactions registered or recorded during Financial Year 2016-17, from May 31st to June 30th.