Entities which are required to furnish SFT under 114E of Income Tax Rules can register with the I-T department.
The extra provisioning, which directly impacts the bottomlines, will eat into banks profits by around 25 per cent in FY18.
New Delhi: The Income Tax department today said banks, mutual funds and financial institutions should obtain an identification number and file the statement of financial transaction (SFT) by May 31.
The entities which are required to furnish SFT under 114E of Income Tax Rules can register with the I-T department and generate Income Tax Reporting Entity Identification Number (ITDREIN), a finance ministry statement said.
The number can also be generated by logging into the e-filing website of the department. Banking company, cooperative banks, trustee of a mutual fund and post offices need to file SFT for payments and receipts beyond a certain threshold.
( Source : PTI )
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