Friday, 26 May 2017

CBDT clarifies financial transaction (SFT) registration not necessary absent ‘reportable transactions’

CBDT issues clarification with respect to filing of Statement of Financial Transaction (‘SFT’) & SFT Preliminary Response; CBDT states that the reporting person/entity is required to register with the Income-tax Department and generate Income Tax Department Reporting Entity Identification Number (‘ITDREIN’) in case there are reportable transactions for the year; Clarifies that ITDREIN registration is mandatory only when at least one of the Transaction Type is reportable; Highlights that a functionality ‘SFT Preliminary Response’ has been provided on the e-Filing portal for the reporting persons to indicate that a specified transaction type is not reportable for the year. 

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