Interactive Session on “Statement of Financial Transactions (SFT) – Rules & Procedures”

On 11 May, 2018 from 5.30 pm to 7.30 pm at VIA Hall

Forum: Taxation & Corporate Law Forum

Speaker: Shri Sandeep Bandhu

VIA Tax Forum organized an Interactive Session on “Statement of Financial Transactions (SFT) – Rules & procedures”



VIA Taxation & Corporate Law Forum has organized an interactive session with Director of Income Tax (Investigation & Criminal Investigation Wing), Shri Sandeep Bandhu on “Statement of Financial Transactions (SFT) – Rules & Procedures” at VIA.

Addressing the audience, Shri Sandeep Bandhu  explained in detail the functioning & need of Income Tax department – Investigation and Criminal Investigation wing. He insisted for timely submission of Special Financial Transaction (SFT) Reporting as it do not result in any financial outgo from the pocket of the reporting entity. It is also advisable to comply with SFT in true spirit. He further informed that quoting of PAN is very important and should be done with care as the transactions to be reported in SFT may be different that the transactions were quoting of PAN is mandatory.” He also elaborated the penal provisions for non filing of SFT.  During the course of interaction, he positively accepted various suggestions and feedback received from the participants and assured to take up at the appropriate level.

Dr. Kaumudi Patil, Joint Director of Income Tax (I & CI) gave a detailed presentation with demo videos and with live examples on various intricacies involved in SFT and the precautions to be taken while filing it. She was well assisted by Shri Shashank Sharma- Tax Assistant. She advised that Preliminary Response should be submitted if there are no reportable transactions.

Statement of financial transactions is a statement which is required to be filed by various reporting entities incorporating the details of the financial transactions. This is the tool used by the Department for procuring high value information of the taxpayers. The last date for filing the SFT is 31st May and delay in filing of SFT attracts the late fee of Rs. 500/- Rs. 1,000/- per day.

The filing of SFT is mandatory even for a private limited companies issuing share capital exceeding Rs. 10 Lakh, as informed. Income Tax Department is now having capability to prepare complete profile of the taxpayer using data analytics. SFT is one of the main sources for the department for collecting such information. Information includes buy back of shares by the company, sales above Rs. 2 lakh in cash in a year, cash deposits in various bank accounts, property transactions etc. PAN-related compliances related to SFT filing will also be discussed.

Shri Suresh Rathi, Vice President –VIA while addressing the audience said that the programme will helped in creating awareness about the information & would ensure better compliances.

At the outset, Shri Sandeep Bandhu was given a floral welcome by Shri Suresh Rathi, Vice President – VIA. Shri Shelendra Manawat welcomed Dr. Kaumudi Patil. CA Mahendra Jain welcomed Shri Dhananjay Wanjari, Joint Director of Income Tax from Income Tax Department were also present on the occasion . Jethalal Rukhiyana & CA Saket Bagadia welcomed the Income Tax Officers present in the programme

Session was conducted by CA. Naresh Jakhotia whereas CA. Sachin Jajodia gave a formal vote of thanks. The event was well coordinated by CA Jethalal Rukhiyana.  It was followed by question and answer session wherein lot many queries of the audience were resolved.

The programme was attended by lot many industrialist, businessmen and professionals. Prominently present on the occasion were CA P C Sarda, CA Sandeep Jotwani, CA Mahendra Jain, Arvind Patel, Vijay Baheti, Anjali Gorasia, Jugal Loya, CA Arvind Bhansali, Rima Onkar, Rajpal Singai

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