SFT Reporting Amendments

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

Disclaimer – The information/content on this page is for general information and educational purpose only. Nothing shall be construed as any legal advice or practice of law. We are not responsible for any action taken by the user based upon any information given in this document.

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