Notification No. 1/2023

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- DG IT( S)/ADG( S )-21Repo rt i ng Portal/202 t / 180 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income Tax (Systems) Notification No .1- of 202 S New Delhi, 5)01/202-3 Addendum to Notification 2 of 2021 : Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Interest income (Abolishing of limit of Rs 5, QOOH . Section 285BA of the Income Tax Act , 19 61 and Rule 114E requires specified reporting persons to furnish statement of financial transaction (8FT). For the purposes of prefilling the return of income, CBDT has issued Notification No. 16/2021 dated 12 .03 . 202 1 to include reporting of info rm ation relating to in te rest income. The Format, Procedure and Guidelines for su bmission of Statement of Financial Transactions (SFT) for Interest income was notified via Notification 2 of 2021 dated 20th April 202 1.

2. As pe r sub-rule (4)(b) of Ru le 114E Director General of Incom e-tax (Systems) shall speci fy the procedures, data structures and standards for ensuring secure capture and transmission of data, evolving an d implementing appropriate security, archival and re trieva l po li cies .

3. The Remarks column po int 1 at Annexure A-- Guide li nes for Preparation of Statement of Financia l Transactions (SFT) mentioned "The information is to be reported for all account/deposit holdors where cum ulative interest exce eds Rs 5,0001 per p erson in the financial yeaf'.

4. The Remarks column at Annexure A is hereby be i ng modified and may be read as ~ 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".

5. In the view of th e changes mentioned above, the li mit prescribed in Notification 2 of 2021 dated 20 1h April 2021 stands abo li shed and th is addendum will come into effect from 05/01/').0')..3 . DG IT (Syste )- 2, CBDT Copy to :

1. PPS to the Chairman and Members, CBDT, North Block, New De lh i.

2. All Pro Chief Commissioners! Pr. Director Generals of Income Tax and all Chief Commissioners! Director Gene ra ls of Income Tax - with a request to circulate amongst all officers in the ir regionsl charges.

3. JS (TPL)-1 &21 Media coordination and Official spokesperson of CBDT 4. DIT (IT)! DIT (Aud it)! DIT (Vig .)! ADG (System) 1, 2, 3, 4, 5,6 ! CIT (CPC) Bangalore, CIT (CPC-TDS) Ghaziabad.

5. ADG (PR , PP&OL) with a request for advertisement campaign for the Notification 6. TPL and ITA Divisions of CBDT.

7. The Institute of Chartered Accountants of India, IP Estate, New Del hi.

8. Web Manager, "incometaxind ia .gov.in" for host ing on the websit e.

9. Database cell for uploading on www. irsofficersonline.gov.in and in DGIT (S) Co rn er. 10 . ITBA publisher for upload in g on IT8A portal. ~-t..~ (M an ish Mishra) ADG(Systems)-2 CBDT /