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of <h1>CBDT Updates SFT Guidelines for Mutual Fund Transactions: Half-Yearly Reporting Begins April 2023 u/s 285BA of Income Tax Act.</h1> The Central Board of Direct Taxes (CBDT) issued Notification No. 4 of 2021, detailing the format, procedure, and guidelines for submitting the Statement of Financial Transactions (SFT) for mutual fund transactions by Registrars and Share Transfer Agents. Under Section 285BA of the Income Tax Act, 1961, specified entities must report financial transactions, including capital gains from mutual fund transfers. The notification outlines data preparation, submission processes, and security protocols. From April 2023, SFT data submission will shift from quarterly to half-yearly. Reporting entities must ensure data accuracy, rectify errors, and provide transaction information to account holders for reconciliation with their Annual Information Statement.
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