Is Filing a Nil Statement of Financial Transaction (SFT) Mandatory

Is Filing a Nil Statement of Financial Transaction (SFT) Mandatory

SFT or Statement of Financial Transaction: Section 285BA of the Income Tax Act requires specified reporting persons to furnish a Statement of Financial Transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the statement of financial transaction required to be furnished under sub-section (1) of Section 285BA of the Act shall be submitted in Form 61A.