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Sft premiliary reponses process if there is no transactions

CA Naveen Chand (Chartered Accountant) (12729 Points)

28 May 2018

SFT PREMILIARY REPONSES PROCESS IF THERE IS NO TRANSACTIONS

LOGIN TO https://www.incometaxindiaefiling.gov.in/
MY Account >> Reporting Portal (Beta Version)
You will be redirected to the Reporting Portal >> Confirm
Please select from the following options >> SFT Preliminary Response
Submit New Response

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12 Replies

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 28 May 2018

Very Good Information Dear...

Keep it Up...

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CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 28 May 2018

THANKS FOR APPRECIATION

FAHEEM AKRAM (293 Points)
Replied 01 June 2018

Hi,
I am a retailer having cash sales in excess of 50 Lakhs in a financial year. I deposit the same in parts across the year.
Is SFT applicable to me?
Do I have to file form 61A or will the bank be responsible to file the same?
And what to file in Preliminary Response under SFT?
Whether to select 'Yes' or 'Not Applicable' in preliminary response against the option SFT 003 i.e. Cash Deposits or Withdrawals in Current Account?

Kindly guide me in this matter.

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 01 June 2018

NOT APPLICABLE TO AS THE CASH RECEIVED AGAINST ONE INVOICE NOT IN AGGREGATE

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 01 June 2018

SFT PREMILINERY REPONSES IF SFT IS NIL MEANS NO TRANSACTION OF CASH MORE THAN RS 2 LAKHS

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CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 01 June 2018

ALL WILL BE NOT APPLICABLE

BUT THE SFT-013 IS NIL TRANSACTION

BUT THE DUE DATE IS OVER 31-05-2018

FAHEEM AKRAM (293 Points)
Replied 01 June 2018

any penalty regarding it??

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 01 June 2018

Penalty- Non-compliance of above provisions attract penalty under section 271FA of Rs.500/- per day for which failure continues and under section 271FAA of Rs.50,000/- for inaccurate information in the statement.