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of <h1>Biannual SFT Submission Rules for Depository Transactions u/s 285BA: Key Guidelines for Reporting Entities.</h1> The notification outlines the procedures and guidelines for submitting the Statement of Financial Transactions (SFT) for depository transactions under Section 285BA of the Income Tax Act, 1961. It mandates specified reporting entities to furnish SFTs to pre-fill income tax returns, particularly for capital gains on securities or mutual funds. The information must be submitted biannually from April 2023. Detailed guidelines for data preparation, submission, and correction are provided, including security classifications, transaction summaries, and validation rules. Reporting entities must ensure data security and provide transaction details to account holders for reconciliation with the Annual Information Statement (AIS).
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