TaxTMI 
TaxTMI 
Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income
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....Annexure A and Annexure B respectively. The data structure and validation rules are enclosed in Annexure C and Annexure D respectively. Notification No. 3 of 2018 Dated 5.04.2018 may be referred for the procedure for registration. 4. Reporting entities are required to prepare the data file in prescribed format from their internal system. An excel based report preparation utility has also been provided to assist small reporting entities in preparing data file. The data files prepared by internal system/report preparation utility should be validated using Text File Validator/Submission Utility. After validation, the text file is required to be compressed, encrypted and signed using the Text File Submission Utility before uploading on the reporting portal (https://report.insight.gov.in/). Reporting entities, having large number of data files, can also submit the data files using SFTP Server (specific request may be made for SFTP upload). 5. The statement of financial transactions shall be furnished on or before the 31st May, immediately following the financial year in which the transaction is registered or recorded. 6. The statement of financial transaction shall be signed, verifie....
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....hold or accept deposit from public. Remarks 1[1. The information is to be reported for all account/deposit holders where any interest exceeds zero per account in the financial year excluding Jan Dhan Accounts] 2. Interest which is exempt from tax under the Income-tax Act, 1961 such as interest on Public Provident Fund (PPF) Account, Foreign Currency Nonresident (FCNR) Account, Sukanya Samriddhi Account, Resident Foreign Currency Account etc. need not be reported. 3. While reporting the interest amount, deduction of ₹ 10,000/available under section 80TTA should not be reduced from interest amount paid/credited. 4. In case of joint account, the interest paid/credited should be assigned to the first/primary account holder or specified assigned person as per Form 37BA. 5. In case of minor being the account holder, the information to be reported in the name of Legal Guardian. 6. Separate report is required to be submitted for each account type (i.e. S-Savings, T-Time Deposit, R-Recurring Deposit, O-Others) and Interest on same account type is required to be aggregated in the report. 7. Interest will be the total amount of Interest paid/credited during the financial year. ....
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.... 5. Aadhaar Char (15) Aadhaar of the person. 6. Mobile Char (20) Mobile Number of the person 7. Email Char (100) e­Mail Id of the person 8. Account Number Char (20) Y Account Number (in which interest paid/ credited) 9. Type Account of Char (1) Y S-­Savings, T-­Time Deposit, R­- Recurring Deposit, O­Others 10. Interest Num (15) Y Total interest paid/ credited during the year (rounded off in nearest rupee) Note: The first record in the file should contain header text. There should not be any blank row(s) between reports. Annexure D Validation Rules Upload Level Validations Upload level validation would be done to ascertain that the correct file is being uploaded. The file would be rejected at the upload stage if it does not clear the upload level validations. # Validation Error Message 1. File should not be more than prescribed size File is more than prescribed size (refer User Guide). Please split the file. 2. File name should not have been uploaded earlier (Only for original statement) The file name has already been uploaded earlier. 3. File Name is not in the specifi....
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....uld not be in exponential (scientific) format. RSN is in exponential (scientific) format in XX reports. 15. Duplicate RSN in file Duplicate RSN in XX reports. 16. FY length should be 4 FY length is not 4 in XX reports 17. FY field should not contain nonnumeric value. Value in FY field is non­numeric in XX reports 18. FY mentioned against each report should match with FY selected on upload screen. The FY selected on upload screen is not matching with FY mentioned against XX reports. 19. Name field should not be blank (mandatory field) Name is blank in XX reports 20. Name length should not exceed 150 character Name length exceeds 150 character in XX reports 21. PAN length should be 10 PAN length is not 10 in XX reports. Mention PANNOTAVBL if PAN is not available 22. Account Number field should not be blank (mandatory field) Account Number is blank in XX reports 23. Account Number length should not exceed 20 Account Number length exceeds 20 in XX reports 24. Account Number should not be in exponential (scientific) format. Account Number is in exponential (scientific) format in XX records. 25. Type of account field should not b....