DGIT(S)/ADG(S )-21Reporting Portal/2021 /180

 

Government of India

Ministry of Finance

Central Board of Direct Taxes

Directorate of Income Tax (Systems)

 

Notification No. 1 of 2023

New Delhi, 5/01/2023

 

Addendum to Notification 2 of 2021:  Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income (Abolishing of limit of Rs 5,000/-)

 

Section 285BA of the Income Tax Act, 1961 and Rule 114E requires specified reporting persons to furnish statement of financial transaction (8FT). For the purposes of prefilling the return of income, CBDT has issued Notification No. 16/2021 dated 12.03.2021 to include reporting of information relating to interest income. The Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income was notified via Notification 2 of 2021 dated 20th April 2021.

 

2. As per sub-rule (4)(b) of Rule 114E Director General of Income-tax (Systems) shall specify the procedures, data structures and standards for ensuring secure capture and transmission of data, evolving and implementing appropriate security, archival and retrieval policies.

 

3. The Remarks column point 1 at Annexure A-- Guidelines for Preparation of Statement of Financial Transactions (SFT) mentioned "The information is to be reported for all account/deposit holders where cumulative interest exceeds Rs. 5,000/- per person in the financial year.

 

4. The Remarks column at Annexure A is hereby being modified and may be read as “The information is to be reported for all account/deposit holders where any interest exceeds zero per account in the financial year excluding Jan Dhan Accounts".

 

5. In the view of the changes mentioned above, the limit prescribed in Notification 2 of 2021 dated 20th April 2021 stands abolished and this addendum will come into effect from 05/01/2023.

 

 

Govind Lal

DGIT (Systems)-2, CBDT

 

Copy to:

1. PPS to the Chairman and Members, CBDT, North Block, New Delhi.

2. All Pro Chief Commissioners! Pr. Director Generals of Income Tax and all Chief Commissioners! Director Generals of Income Tax - with a request to circulate amongst all officers in their regional charges.

3. JS (TPL)-1 &21 Media coordination and Official spokesperson of CBDT

4. DIT (IT)! DIT (Audit)! DIT (Vig.)/ ADG (System) 1, 2, 3, 4, 5, 6 / CIT (CPC) Bangalore, CIT (CPC-TDS) Ghaziabad.

5. ADG (PR, PP&OL) with a request for advertisement campaign for the Notification

6. TPL and ITA Divisions of CBDT.

7. The Institute of Chartered Accountants of India, IP Estate, New Delhi.

8. Web Manager, "incometaxindia.gov.in" for hosting on the website.

9. Database cell for uploading on www.irsofficersonline.gov.in and in DGIT (S) Corner

10. ITBA publisher for uploading on IT8A portal.

 

 

(Manish Mishra)

ADG (Systems)-2 CBDT