Currently under Income Tax Rules 1962 as amended , Statements of Financial Transactions (SFT) in respect of following Transactions are being submitted by Circles / Regions .
I) Cash deposits aggregating to ten lakh rupees or more in a financial year, in one or more savings account of a person.
II) One or more accounts having fixed maturity period of a person aggregating to ten lakh rupees or more in a financial year of a person.
Going forward, as per SB Order No. 18/2021 dated 5th July 2021 in addition to above Circles / Regions will process the submission of SFT for Interest Income also at Circle / Region Level.
