- May 18, 2021
- Posted by: TeamSCK
- Category: Economics
Format, Procedure and Guidelines for Submission of Statement of Financial Transaction (“SFT”)
For Interest Income
1) Class of person required to furnish –
2) Nature and value of transaction – Interest paid/credited during the financial year
3) Important Points to be remembered while reporting –
- All accounts to be reported where cumulative interest > 5000 per person in the financial year
- Exempt interest income need not be reported
- Deduction of INR 10,000 u/s 80TTA should not be reduced from interest amount paid/credited
- Interest to be assigned to the first/primary account holder or specified assigned person as per Form 37BA in case of Joint accounts
- Information to be reported in name of Legal Guardian in case of a Minor account holder
- Separate reporting for each a/c type (i.e. Savings, Time Deposit, Recurring Deposit, Others)
- Interest will be the total amount of Interest paid/credited during the financial year
For Dividend Income
1) Class of person required to furnish – A company paying dividend
2) Nature and value of transaction – Dividend distributed during the financial year
3) Important Points to be remembered –
- To be reported for all dividend distributed during the financial year
- Individually to be reported for Dividend payment to one person
- Dividend will be the total amount of dividend distributed during the financial year
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