As per section 285BA, specified persons are required to furnish statement of financial transactions or reportable accounts to the Income Tax Authority or such authority as prescribed.
Income Tax Department constructed a reportable account or Statement of Financial Transaction (SFT) portal to document these activities. Learn how to register for ITD reports?
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To file Statement of Financial Transactions, the specified persons are required to register as reporting entity first.
Go to https://www.incometax.gov.in/iec/foportal and click on login.
After login, Go to Pending actions and click on Reporting portal and click on proceed
Select New Registration after redirected to reporting Portal and click on continue
Select the Form Type as Form 61A/61B/61 and Select the Entity category and click on Next
Enter the details of the Reporting Entity and click on Add Principal Officer
Enter the details of Principal Officer and click on Submit. However, you can add Designated Director also.
Enter Designated Director Details and click on Submit
Upon Successful submission, a registration request number is generated. The Registration number is called ITDREIN. Temporary Login credentials will be sent to registered mobile no and email id. The user is required to change the password after login
If the user has not received the credentials to email, they need to go to https://report.insight.gov.in/reporting-webapp/login and click on forgot password. Enter the Pan and select option Using OTP. Enter the OTP and set the password