Submission of Statement of Financial Transactions for Interest Income – SB Order No. 18/2021
SB Order No. 18/2021
File No. FS-10/27/2021-FS-DOP
Government of India
Ministry of Communications
Department of Posts
Dak Bhawan, New Delhi — 110001
All Head of Circles / Regions
Subject: Submission of Statement of Financial Transactions for Interest Income — Reg.
In continuation to the SB Order No. 01/2017 dated 29.03.2017, the undersigned is directed to inform that Government of India, Ministry of Finance, (Dept. of Revenue, CBDT) vide Notification dated 12.03.2021 issued vide GSR 175(E), has inserted the following sub rule in Rule 114E of Income Tax Rules, 1962.
|Sl. No.||Nature of Transaction||Class of person (reporting person)|
|1.||Capital gains on transfer of listed securities or units of Mutual Funds||(i) Recognised Stock Exchange;
(ii) depository as defined in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996);
(iii) Recognised Clearing Corporation;
(iv) Registrar to an issue and share transfer agent registered under subsection (1) section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992).
|2.||Dividend income||A Company|
|3.||Interest income||(i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);
(ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898).
(iii) Non-banking financial company which holds a certificate of registration under section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934), to hold or accept deposit from public.
3. Copies of the GSR No. 175(E) dated 12.03.2021 and CBDT Notification No. 2 of 2021 dated 20.04.2021 are enclosed for reference.
4. Statements of Financial Transactions (SFT) in respect of following Transactions are currently being submitted by Circles / Regions.
i). Cash deposits aggregating to ten lakh rupees or more in a financial year, 1n one or more savings account of a person
ii). One or more accounts having fixed maturity period (other than a time deposit made through renewal of another time deposit) of a person aggregating to ten lakh rupees or more in a financial year of a person.
5. In addition to the above SFTs, Circles / Regions will process the submission of SFT for Interest Income also at Circle / Region Level.
6. Circle-wise data in connection with the submission of SFTs in respect of transactions in CBS Post Offices shall be forwarded to Circles by CEPT, Chennai.
7. Sanchay Post Help Desk Team will arrange to provide a tool for extracting the data in respect of the transactions in non-CBS post offices where Sanchay Post is available.
9. This is issued with the approval of the Competent Authority.
Encl: As above.
(T C VIJAYAN)
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