Go AD-Free with CAclubindia Pro and get a FREE CCI Coffee Mug. Subscribe Now!

Is sft madatory

CA Shiwali Dagar (Practice) (650 Points)

25 May 2017

Is SFT mandatory if no transaction is exceeding the limit???

Reply
Follow
Share

1 Replies

Piyush Tanwar (Assistant Manager - Accounts) (1432 Points)
Replied 25 May 2017

This is optional to FIle form 61A in case you don't have such specified transactions.

Report Utility provides the option of preparation of NIL Statement but it nowhere talks of Compulsion to file Nil statement. Extract of the same is as follows:-

“ 7.4 Preparation of NIL Statement

Utility allows user to generate SFT (XML) with no financial transactions in it. This functionality is useful when Reporting Entity has no financial transaction to report.

1. Fill required information in Statement (Part A) and select ND (No Data) from Statement Type drop down field.

2. Save XML to desired location on machine.”

Thanks & Regards

Piyush Tanwar

CA Finalist & Internal Auditor

Mobile - 9717468521