I had the same query as you so I looked it up. Turns out the SFT Transaction means Statement of Financial Transactions. It is a report of specified transactions including sale, purchase od exchange of property, transaction for rendering services, transaction under work contracts, transaction via investment made or expenditure incurred, transaction for accepting/taking a loan.
SFT transactions are declared by specified persons as directed by CBDT in section 285BA.
Earlier banks and financial institutions shared information about high value transactions recorded in SFT. In July 2020, the government came up with revised Form 26AS which would hold information about SFT’s high value transactions and will be visible to the taxpayer.
Forms to furnish SFTAccording to the rules, SFT has to be submitted either in Form 61A or Form 61B.
Form 61 Ais for other reporting entities. Form 61B is for prescribed reporting financial institutions.
I hope my answer clears your doubts about what is SFT transaction now.
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What is SFT transaction?
utkarsh
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2022-03-28T09:56:02+00:00 2022-03-28T09:56:03+00:00Comment
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