SFT Returns Financial institutions file SFT returns at the end of every financial year. This year the last date for filing SFT returns was May 31, 2023, which has now been extended. Let’s know more about it.
Banks, foreign exchange dealers or other reporting entities are being given a few more chances to file SFT returns in 2022-23. Banks, foreign exchange dealers or other reporting entities are required to report high value transactions done by customers to the Income Tax Department.
The last date for filing of SFT for the financial year 2022-23 was May 31, but the Income Tax Department has extended it by a few days.
Why was the date of SFT return extended?
The Income Tax Department gave this information through a tweet. The department informed that due to heavy traffic on the reporting portal, some filers may face difficulties in filing SFT returns.
Due to this, the Income Tax Department announced late Wednesday night that the portal for filing SFT returns will remain open for a few more days, so that SFT returns can be filed easily. Under the SFT, specified institutions are required to furnish details of certain financial transactions or any report registered/recorded/maintained by them during the year.
What is the penalty for late SFT file?
Delay in filing SFT return can attract a penalty of up to Rs 1,000 for every day. Penalty can also be imposed for non-filing or giving wrong details. Through SFT, the Income Tax Department tracks high value transactions carried out by an individual.
Which institutes file SFT?
Reporting entities are required to file SFT returns with the tax authority. This includes foreign exchange dealers, banks, sub-registrars, NBFCs, post offices, bond/debenture issuers, mutual fund trustees, companies paying dividends or buying back shares.
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