Income Tax SFT Return Expiration Date Extension: Facility to Stay Open for Few Days – Latest News

Income Tax Filing SFT Returns 2023: Considering the difficulties petitioners are facing due to heavy traffic on the reporting portal, the Income Tax Department has added a few days for filing Statement of Financial Transaction (SFT) returns.

“SFT filers can take note: Due to heavy traffic on the reporting portal, some filers may have encountered difficulties in submitting SFT returns. It is communicated that the SFT return submission functionality will remain open for a few more days to allow for a smooth filing of SFT returns,” the Income Tax Department tweeted on Wednesday.

The last date for filing the Statement of Financial Transactions (SFT) for fiscal year 2022-23 is May 31, 2023.

According to the Income Tax Department, a delay in filing SFT may incur a penalty of up to Rs 1000 for each day of default. Not submitting or incorrectly submitting statements can also lead to the imposition of a fine.

Also Read: Income tax return status: 14 lakh ITRs for AY 2023-24 filed – Latest Updates and Details

Several users had previously complained that the notification site was not working.

“Under the provision of Rule 114E of Income Tax Rules read with Action 285BA of the Income Tax Act, a reporting entity is required to upload SFT 61A until May 31, 2023, but the reporting site is down. Please relax as the delay is due to a malfunction at the end of the department,” a user wrote to the Income Tax Department yesterday.

Also Read: 2023 Income Tax Calendar: Complete List Of Due Dates And Activities To Be Completed In December

In response to the user, the IRS tweeted: “Due to heavy traffic on the reporting portal, there may be a slight delay. While our team is working on it, please try on a stable network. In case of a specific problem/question, please contact our helpdesk on 1800 103 4215.”

In fact, some users claimed that the reporting portal was not working for the past 3 days even when they tried to submit SFT to different networks.

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