New Delhi, June 1 (KNN) The due date of furnishing of the Statement of Financial Transaction (SFT) has been extended from May 31, 2017 to June 30, 2017. 

Section 285BA of the Income-tax Act, 1961 requires furnishing of a statement of financial transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962.

Earlier 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 May 31, 2017.

“Representations were received in the Central Board of Direct Taxes (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,” Ministry of Finance said.

There were several representations made to extend the last date.

The Ministry said, “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 (5) of the IT Rules, read with sub-section (1) of section 285BA of the Income Tax Act, 1961 in respect of specified financial transactions registered or recorded during Financial Year 2016-17, from 31st May 2017 to 30th June 2017.”