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

Interest Income reporting required annually under SFT rules with prescribed format, validation and correction mechanisms.

Specified banks, post offices and registered NBFCs must report Interest Income via SFT-016 under Section 285BA/Rule 114E in a prescribed ASCII-delimited file with mandatory fields (including RSN, FY, Name, PAN or PANNOTAVBL, Account Number, Type of Account, Interest) validated, compressed, encrypted and digitally signed before upload; each upload yields a Statement ID, rejected files must be corrected and resubmitted, and corrections/deletions are effected by submitting Correction/Deletion Statements referencing original Statement IDs and RSNs.