Limit of Rs. 5,000 applicable on interest income to report in Statement of Financial Transactions (SFT) by the reporting entities abolished
The CBDT has abolished the limit of Rs. 5,000 applicable on interest income to report in Statement of Financial Transactions (SFT) by the reporting entities. The board has modified Notification 2 of 2021, dated 20-04-2021 that provided such limit.
Now, information is to be reported in SFT for all account/deposit holders where any interest exceeds
zero per account in the financial year excluding Jan Dhan Accounts (Earlier this limit was Rs.5,000) Effective Date 05/01/2023.
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