According to Section 285BA of the Income Tax Act, 1961, a statement for financial transactions (SFT) need to be filed for the transactions prescribed under Rule 114E of the Income Tax Rules, 1962.
The due date of filing of Statement of Financial Transactions (SFT) for the financial year 2016-17 is 31st May, 2017.
In case there are reportable transactions as covered under Rule 114E of the Income Tax Rules, 1962, the reporting entity will need to get itself registered with the Income Tax Department and then generate Income Tax Department Reporting Entity Identification Number (ITDREIN) by logging in to the official website of the income tax department i.e www.incometaxindiaefiling.gov.in.
The entity so required to furnish the statement of financial transaction will have to login into the portal by using its PAN details used for the purpose of filing its income tax return, a an entity will be allowed to login using its TAN only if the PAN of the entity is not available.
A person or entity is required to get it self registered on the efiling portal of the income tax act only if it has one or more transactions which need to be reported in the given year.
If the entity doesnt have any transaction to be reported under the given Rule the department has provided a separate link to “SFT Preliminary Reponse” in which the entity can report that there are no reportatble transations for the given period.
For filing Form 61A the reporting entity must have a valid class 2 or class 3 digital signatures. The form 61A is available in the download section of the www.incometaxindiaefiling.gov.in in the schema form and the details procedure for registration as ITDREIN and filing of Form 61A is availble under the help section of the official website of the income tax department.