Detailed Procedure for Registration and Submission of Statement of Financial Transactions (SFT)

DGIT(S)-ADG(S)-2/e-filing notification/106/2016

Government of India

Ministry of Finance

Central Board of Direct Taxes

Directorate of Income Tax (Systems)

Notification No.1 of 2017

New Delhi,  17th January, 2017

Procedure for registration and submission of statement of financial transactions (SFT) as per section 285BA of Income - tax Act, 1961 read with Rule 114E of Income - tax Rules, 1962

Section 285BA of the Income Tax Act, 1961 (hereunder referred to as the “Act”) requires specified reporting persons to  furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 (hereunder referred to as the “Rules”) specifies that the statement of financial transaction required to be furnished under sub - section (1) of section  285BA of the Act shall be furnished in Form No. 61A.  The nature and value of transaction to be furnished by the reporting person under Rule 114E is enclosed as Annexure A.

2. As per sub rule (6)(a) of Rule 114E, every reporting person/entity shall communicate to the Principal Director General  of Income - tax (Systems) the name, designation, address and telephone number of the Designated Director and the Principal Officer and obtain a registration number. The procedure for registration for statement of financial transactions (SFT) was specified in Notification No. 13 dated 30th December, 2016. The functionality for submission of statement of financial  transactions has now been enabled and the earlier instruction is being updated.

3. As per sub rule (4)(a) of Rule 114E, the statement of financial transactions shall be furnished through online transmission of electronic data to a server designated for this purpose under the digital signature of the person specified in sub - rule (7) and in accordance with the data structure specified in this regard by the Principal Director  General of Income - tax  (Systems).  The Post Master General or a Registrar or an Inspector General have the option to  furnish the statement in a computer readable media, being a Compact Disc or Digital Video Disc (DVD), alongwith verification in Form - V on paper.  The statement of financial transactions shall be furnished on or before the 31 st May, immediately following the financial year in which the transaction is registered or recorded.  The statement of financial transaction in respect of Cash deposits during the period 1st April, 2016 to 8th November, 2016 and 9th November, 2016 to 30th December, 2016 shall be furnished on or before the 31st day of January, 2017.

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Details required for registration with TRACES for TDS Deductor & Tax Payee.

There is more confusion when Tax Payers, TAX (TDS) Deductors or TCS Collector register with TRACES, What are the details that they need to enter in the registration form?  In the way we TRACES cleared the followings details are required and for registration form. 

For Deductors

• Step–1
  • TAN of Deductor

• Step–2
  • Token Number of the regular statement corresponding to the Financial Year, Quarter and Form Type displayed on screen
  • Challan details of one particular CIN which has been mapped to at least three deductee rows. If there is no such challan, please enter details of challan having maximum number of deductee rows

• Step–3
  • PAN of Deductor
  • PAN of Authorised Person (person responsible for deduction of tax at source)
  • Date of Birth of Responsible Person as in PAN database
  • Designation of Responsible Person
  • Communication Address
  • Mobile Number
  • Email Id

For Tax Payers

• Step–1
  • PAN of Tax Payer
  • Date of Birth as on PAN Card
  • Name as in PAN database
  • Option 1 – Details from Form 26AS or salary slip (in case of salaried persons). Provide TAN of deductor who has deducted TDS / TCS, month & year of deduction and amount of tax deducted
  • Option 2 – Details of any tax paid by you. Provide Assessment Year for which payment was made by you, Challan Serial Number of the challan using which payment was made and amount as per the challan

• Step–2
  • Communication Address
  • Mobile Number
  • Email Id

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Easy Steps & Details Required while for Registration Form.

While Registration of PAN or TAN by Tax Payee or TDS Deductor a little details are required for Registration Form.  TAN registration required three easy stemps and PAN registration it requires 2 easy steps with two simple options.  For smooth registration Taxpayee and TDS Deductor must do the following steps.

FOR TAN (TDS Deductors)

Step–1

• TAN of Deductor

Step–2

• Token Number of the regular statement corresponding to the Financial Year, Quarter and Form Type displayed on screen.
• Challan details of one particular CIN which has been mapped to at least three deductee rows. If there is no such challan, please enter details of challan having maximum number of deductee rows

Step–3

• PAN of Deductor
• PAN of Authorised Person (person responsible for deduction of tax at source)
• Date of Birth of Responsible Person as in PAN database
• Designation of Responsible Person
• Communication Address
• Mobile Number
• Email Id

FOR TAN (Taxpayers)

Step–1

• PAN of Tax Payer
• Date of Birth as on PAN Card
• Name as in PAN database
• Option 1 – Details from Form 26AS or salary slip (in case of salaried persons). Provide TAN of deductor who has deducted TDS / TCS, month & year of deduction and amount of tax deducted.
• Option 2 – Details of any tax paid by you. Provide Assessment Year for which payment was made by you, Challan Serial Number of the challan using which payment was made and amount as per the challan

Step–2

• Communication Address
• Mobile Number
• Email Id

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What we do for Error 'Invalid details' in Step–2 of Registration of PAN?

Particulars in Part 1 and Part 2 of Step-2 of registration form are required to be exactly the same as reported in the TDS statement. Please enter challan details and unique PAN-Amount combination as reported in the regular statement. However, if challan details and the unique PAN-amount combination reported in the regular statement have been modified in the correction statement, then specify modified particulars of challan details and unique PAN-amount combination.

Challan Identification Number (CIN) – This gets generated on payment of tax through Bank Challan. It consists of:

• BSR Code
• Date of Payment
• Challan Serial Number

Book Identification Number (BIN) / Transfer Voucher Details – This gets generated on filing of Form 24G by Pay & Accounts Officer (PAO) / District Treasury Officer (DTO) / Cheque Drawing & Disbursing Officer (CDDO). It consists of:

• Form 24G Receipt Number
• Date of Transfer voucher
• DDO Serial Number

Please enter a challan with at least three distinct valid PAN-amount combinations corresponding to the statement mentioned above. If there is no such challan, mention a challan with at least two valid PAN-amount combinations. If there is no such challan, mention a challan with at least one valid PAN-amount combination. If you do not have any such challan, mention a challan with no valid PAN-amount combination and also select the checkbox (no valid PAN deductees row) in the PAN Details section in Part 2 where you are supposed to enter the unique PAN-amount combinations.

Registration process requires you to input 'Token Number' of your regular statement
Following could be the reasons for getting 'Invalid details' message in Part 1 and / or Part 2 in registration Step-2:

• You might have not entered Token Number of your regular statement
• Challan details entered are not as mentioned in above
• Incorrect unique PAN-amount combination

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What are the details that I need to enter in the registration form?

What are the details that I need to enter in the registration form?

For Deductors

• Step–1
  • TAN of Deductor

• Step–2
  • Token Number of the regular statement corresponding to the Financial Year, Quarter and Form Type displayed on screen
  • Challan details of one particular CIN which has been mapped to at least three deductee rows. If there is no such challan, please enter details of challan having maximum number of deductee rows

• Step–3
  • PAN of Deductor
  • PAN of Authorised Person (person responsible for deduction of tax at source)
  • Date of Birth of Responsible Person as in PAN database
  • Designation of Responsible Person
  • Communication Address
  • Mobile Number
  • Email Id

For Tax Payers

• Step–1
  • PAN of Tax Payer
  • Date of Birth as on PAN Card
  • Name as in PAN database
  • Option 1 – Details from Form 26AS or salary slip (in case of salaried persons). Provide TAN of deductor who has deducted TDS / TCS, month & year of deduction and amount of tax deducted
  • Option 2 – Details of any tax paid by you. Provide Assessment Year for which payment was made by you, Challan Serial Number of the challan using which payment was made and amount as per the challan

• Step–2
  • Communication Address
  • Mobile Number
  • Email Id

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Foreign Companies/Firms having issues in registration.

Registration - FAQ
Company/Firm

Q: The Principal Contact is a Foreigner/Non-resident and does not have a PAN and hence, not able to register in the new e-Filing Application. What should be done?
A: As per CBDT guidelines, Foreigners without PAN is allowed to be an authorized signatory and can file on behalf of the Company/Firm without a PAN encrypted DSC. The assessee Company is required to send an email to efilinghelpdesk@incometaxindia.gov.in mentioning details such as Name of the Company, PAN of the Company, Date of Incorporation, Name of the Principal Contact and DOB of the Principal Contact.

Q: While updating the Principal Contact details in the Profile, PAN field is not available. What to do?
A: The possible reason can be that the previous Principal Contact was a Foreigner without a PAN and might have been added as an exception case in the e-Filing application. To remove this exception, send an email to efilinghelpdesk@incometaxindia.gov.in mentioning details such as Name of the Company, PAN of the Company, Date of Incorporation, Name of the Principal Contact, PAN of the Principal Contact and DOB of the Principal Contact. The exempted details in the e-Filing application will be deleted and the Principal Contact will be able to register the PAN of the new Principal Contact.

Q:The Principal Contact of my Company/Firm is a foreigner and does not have a PAN. The Principal Contact has been updated without PAN in the Company/Firm profile of the e-Filing portal. The Digital Signature Certificate (DSC) of the Principal Contact is with a dummy PAN. When I try to upload/register the DSC, PAN mismatch error comes up. What to do?
A: Digital Signature Certificate with dummy PAN will not be accepted by the e-Filing application. In case the Principal Contact has been updated without PAN, Digital Signature Certificate without PAN encryption should be used. In case the Principal Contact is updated in the profile with a PAN, Digital Signature Certificate with the same PAN should be used.

Q: In case of our Company/Firm, the Principal Contact is a foreigner/non-resident without a PAN, how should the XML of the ITR be generated, because of verification in the return requires for a PAN field to be filled up?
A: For filling up the verification field, you may use dummy PAN (FFFPF9999F). It is again clarified, that the dummy PAN can be used only for the verification field and DSC with dummy PAN will not be accepted.

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List of NSDL-TIN Facilitation and PAN Centers across the Country.

Most of Tax payee did not aware about TIN Facilitation and PAN Centers, which are situated in your nearest location of your city. Download the files to see your nearest NSDL-TIN Facilitation and PAN Center across your location.

TIN Facilitation Centers are available across the country.
Activities carried out by these TIN Facilitation Centers are:

• Receive e-TDS/TCS returns from deductors/collectors and upload them to the TIN central system.
• Receive TDS/TCS returns in paper format from non-corporate, non-government deductors/collectors and upload them to the TIN central system.
• Receive Annual Information Returns from filers and upload them to the TIN central system.
• Receive Request for New TAN and / or Changes or Correction in TAN data from applicants.
• Receive Request for New PAN card and / or Changes or Correction in PAN data from applicants.
  

Download the complete list of TIN facilitation centers (Click Here)

Exclusive TIN-PAN Centers
In addition to the above TIN Facilitation Centers, applications for PAN (new and change request) are accepted at the following locations:

• Download TIN-PAN Centers list (Click Here)
  

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What are the Multiple and Silent Features of Tax Information Network with TAN Registration?

Friends, All Taxpayee (Deductor) should have takes multiple and silent features of Tax Information Network with TAN Registration. There are huge benefits of TAN Registration. The Deductor got free updation facility from (TIN) Tax Information Network i.e. central system. The important multiple and silent features of Tax Registration is as follows:

* Consolidated TDS/TCS file as a mandatory file for correction in return.
* .txt file for generating Form 16A.
* Excel based "Defaults files " for a given statement by verifying only once in a given session.
* Form 16A can be requested upto 10 selected PANs at a time.
* There is a common download menu for the files requested.
* Consolidated file can be requested w.e.f. Financial Year 2005-06 to onwards.
* The requested files made with in a last 30 calendar days, are directly available for download.
* Telephonically contact is also possible at TIN Call Center
Tel:- 91-20-2721 8080, Fax :- 91-20-2721 8081.
* Email ID:- tin_returns@nsdl.co.in for contact through email.

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