After issuance of deadline warnings about the last date for filing of SFT Returns, the Income Tax SFT filing portal had become defunct last night due to heavy loads on the server.
https://twitter.com/IncomeTaxIndia/status/1661996768551374848?s=20
“The Department had issued the warning that, Kind Attention SFT filers!
Last date to file Statement of Financial Transactions (SFT) for FY 2022-23 is May 31st, 2023.
Delay in filing SFT may entail penalty upto ₹1000 for each day of default. Non-filing or filing inaccurate statements may also lead to levy of penalty.
Please file your SFT within the due date.”
However, many stakeholders could not file the statements on time due to technical glitches in the Portal.
At first, the Income Tax Department had issued a statement that, “Due to heavy traffic on the reporting portal, there may be slight delay. Although our team is working on it, please try on a stable network. In case of any specific issue/query, you may contact our helpdesk at 1800 103 4215.”
https://twitter.com/IncomeTaxIndia/status/1663931092661944320?s=20
However, after the site became unavailable to all for filing, the Income Tax Department tweeted, giving partial relief to the compliance pressure amidst the crash of the SFT Portal that, “Due to heavy traffic on the reporting portal, some filers may have encountered difficulties in filing SFT returns. It is informed that the functionality for filing of SFT returns will remain open for a couple of days more to enable smooth filing of SFT returns.
In case of any specific issue/query, please connect with our helpdesk at 1800 103 4215.”
https://twitter.com/IncomeTaxIndia/status/1663943184253059073?s=20
A statement of financial transactions or reportable accounts in respect of specified financial transactions or any reportable accounts registered, recorded, or maintained by specified entities (Filers) during the financial year must be provided to the income-tax authority or such other prescribed authority in accordance with Section 285BA of the Income Tax Act, 1961.
The filers includes Sub registrar, Banking Company, NBFC, Nidhi Sub registrar, Co-operative Bank, Trustee of Mutual Fund or Managing the affairs of Mutual Fund, Foreign Exchange Dealer, Supplier of goods or services (whose accounts are required to be audited under Section 44AB of the Income Tax Act, 1961, Company paying dividend, Company buying back its shares, Postmaster General and Issuers of bonds debentures or shares.
The statement of financial transaction shall be furnished electronically (under digital signature) in Form No. 61A to the Director of Income-tax (Intelligence and Criminal Investigation) or the Joint Director of Income-tax (Intelligence and Criminal Investigation). However a Postmaster General or a Registrar or an Inspector General may furnish Form No. 61A in a computer readable media being a Compact Disc or Digital Video Disc (DVD), along with the verification in Form-V on paper.
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