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of <h1>Guidelines for Submitting Interest Income SFTs u/s 285BA of Income Tax Act by May 31.</h1> The notification outlines the procedures and guidelines for submitting the Statement of Financial Transactions (SFT) related to interest income under Section 285BA of the Income Tax Act, 1961. Reporting entities, such as banks and financial institutions, must furnish SFTs for interest income exceeding zero per account, excluding certain exempt interest types. The submission involves preparing data files in a specified format, validating them, and uploading them via a designated portal by May 31 following the financial year. Corrections or deletions of submitted data require specific procedures. Entities must ensure data security and provide interest income information to account holders for reconciliation purposes.
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