Statement of Financial Transactions (SFT) Code
The Finance Act 2014 introduced significant changes to Section 285BA, renaming it to "Obligation to Furnish Statement of Financial Transactions or Reportable Accounts." This amendment aimed to expand the scope of specified persons and introduce various new provisions. In this article, we will discuss the provisions of Section 285BA and related rules. Definition The Statement of Financial Transactions (SFT) is a report that must be submitted by specified persons in Form 61A. This report is mandat ...