CBDT removed limit of Rs. 5,000 for submission of SFT in relation to interest income
- Blog|News|Income Tax|
- < 1 minute
- By Taxmann
- |
- Last Updated on 11 January, 2023
Latest from Taxmann
Notification no. 1 of 2023, dated 05-01-2023
The Statement of Financial Transaction (SFT) provides a reporting mechanism wherein specified entities are required to provide information about material financial transactions to the Income-tax Dept.
For the purpose of pre-filing the return of income, the Central Board of Direct Taxes (CBDT) has issued a notification no. 16/2021, dated 12-03-2021 to include reporting of interest income.
Subsequently, vide Notification no 2 of 2021, dated 20-04-2021, the board provided format, procedure, and guidelines for submission of SFT for interest income by the banking company or a Co-op. Bank, Post Master General, and NBFCs.
As per the said notification, `reporting in SFT is required for all account/deposit holders where the cumulative interest exceeds Rs 5,000 per person in the financial year.
Now, the board has modified this reporting requirement to abolish the limit of Rs. 5,000. As per the modified reporting requirement, all account/deposit holders where any interest exceeds zero per account in the financial year must be reported. However, this will exclude Jan Dhan’s Accounts.
Click Here To Read The Full Notification
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
