Procedure for registration & submission of Statement of Financial Transactions (SFT)
Notification No. 1 of 2017
The Income Tax Department has replaced earlier requirement of filing annual information return (AIR) with Statement of Financial Transactions (SFT), the changes have created new classes of first time filers who have to file SFT of specified transactions for the Financial Year 2016-17. Section 285BA of the Income Tax Act, 1961 read with Rule 114E of the Income Tax Rules, 1962 specifies that SFT is required to be furnished in Form 61A for the Financial Year 2016-17 on or before 31st May 2017
Exemption from quoting of Aadhaar for applying PAN and filing of ITR
Section 139AA of the Income-tax Act, 1961 as introduced by the Finance Act, 2017 provides for mandatory quoting of Aadhaar/Enrollment ID of Aadhaar application form, for filing of Income Tax Return (ITR) and for making an application for allotment of Permanent Account Number (PAN) with effect from July 1, 2017.