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Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income - 02/2021 - Income Tax

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..... ncy, and in such manner, as may be specified by the Director General of Income Tax (Systems), with the approval of the Board. 3. The guidelines for preparation and submission of Statement of Financial Transactions (SFT) information are enclosed in Annexure A and Annexure B respectively. The data structure and validation rules are enclosed in Annexure C and Annexure D respectively. Notification No. 3 of 2018 Dated 5.04.2018 may be referred for the procedure for registration. 4. Reporting entities are required to prepare the data file in prescribed format from their internal system. An excel based report preparation utility has also been provided to assist small reporting entities in preparing data file. The data files prepared by internal sy .....

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Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income - 02/2021 - Income Tax

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..... rovided in the statement or the defects have been communicated to the reporting person/entity, it is required to remove the defects by submitting a correction/deletion statement. 9. The reporting person/entity is required to document and implement appropriate information security policies and procedures with clearly defined roles and responsibilities to ensure security of submitted information and related information/documents. The reporting person/entity is also required to document and implement appropriate archival and retrieval policies and procedures with clearly defined roles and responsibilities to ensure that submitted information and related information/documents are available promptly to the competent authorities. 10. This Notific .....

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Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income - 02/2021 - Income Tax

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..... to the first/primary account holder or specified assigned person as per Form 37BA. 5. In case of minor being the account holder, the information to be reported in the name of Legal Guardian. 6. Separate report is required to be submitted for each account type (i.e. S-Savings, T-Time Deposit, R-Recurring Deposit, O-Others) and Interest on same account type is required to be aggregated in the report. 7. Interest will be the total amount of Interest paid/credited during the financial year. Annexure B Guidelines for Submission of Statement of Financial Transactions (SFT) 1. Any file which does not meet the validation requirements will be rejected. 2. After upload each upload file will be given unique Statement ID. 3. The file upload status wil .....

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Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income - 02/2021 - Income Tax

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..... C Data Structure The information is required to be uploaded in data file. The data file should be in ASCII format with one report per line. All fields in each file should be delimited with the delimiter “|”. The data structure is as under: # Field Format Mandatory Remarks 1. RSN Num (10) Y Report Serial Number is the unique number to identify each report in the file. 2. FY Num (4) Y Financial Year (2020 for FY 2020­21) 3. Name Char (150) Y Name of the person/ Entity 4. PAN Char (10) Y PAN of the person. Mention PANNOTAVBL if PAN is not available. 5. Aadhaar Char (15) Aadhaar of the person. 6. Mobile Char (20) Mobile Number of the person 7. Email Char (100) e­Mail Id of the person 8. Account Number Char (20) Y Account Nu .....

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Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income - 02/2021 - Income Tax

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..... Validation Error Message 1. File should be generated using Submission Utility File should be generated using Submission Utility. 2. The header in file should be as per specified format The header in file should be as per specified format. 3. Failed Decryption Failed Decryption. Please encrypt the file with a valid key using Validation and Encryption Utility and resubmit. 4. Failed Decompression Failed Decompression. Please compress the file using Validation and Encryption Utility and resubmit. 5. Failed Signature Check Failed Signature Check. Please sign the file with the Digital Signature using Validation and Encryption Utility and resubmit. 6. Signature Mismatch Digital Signature used in file for signing does not match with Digital Signa .....

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Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income - 02/2021 - Income Tax

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..... ank (mandatory field) Name is blank in XX reports 20. Name length should not exceed 150 character Name length exceeds 150 character in XX reports 21. PAN length should be 10 PAN length is not 10 in XX reports. Mention PANNOTAVBL if PAN is not available 22. Account Number field should not be blank (mandatory field) Account Number is blank in XX reports 23. Account Number length should not exceed 20 Account Number length exceeds 20 in XX reports 24. Account Number should not be in exponential (scientific) format. Account Number is in exponential (scientific) format in XX records. 25. Type of account field should not be blank (mandatory field) Type of account is blank in XX reports 26. Type of account length should not exceed 1 character Type .....

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Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income - 02/2021 - Income Tax

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