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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