Form SFT-1 2026

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The document is a Massachusetts Department of Revenue Form SFT-1, which is an application for a Special Fuels License. It outlines the requirements for new and renewal applications, including necessary information about the licensee, type of organization, and nature of business. The form distinguishes between user-sellers and suppliers of special fuels, detailing their responsibilities regarding fuel excise taxes. Additionally, it includes sections for storage capacity and supply sources for special fuels.

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Click ‘Get Form’ to open Form SFT-1 in the editor.
Select whether you are submitting a new application or a renewal application by checking the appropriate box.
Fill in the license type as specified in the 'Important Notice' section, choosing between user-seller or supplier of special fuels.
Enter your name as the licensee and provide the calendar year for which you are applying.
Input your identification number and specify its type (Federal ID, Social Security, etc.).
Complete your principal place of business address, including city/town, state, and zip code.
If applicable, fill in the address where records are maintained if it differs from your principal place of business.
Indicate your organization type (Corporation, Partnership, Individual) and provide relevant details such as incorporation date or partners' names.
Describe the nature of your business and list the number of vehicles propelled by special fuels.
Finally, review all entries for accuracy before signing and dating the declaration at the bottom of the form.

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Who is required to file the SFT form?

Who is required to Submit SFT statement? SFT must be submitted by a Financial Institution, Depository, Mutual funds house, Company, etc, on the transaction made by their account holders.

What happens if sft is not filed?

Consequence of Violating Section 285BA of the Income Tax Act If the entity fails to furnish SFT within the time frame, then the income tax authority may notify the entity to submit SFT within 30 days. However, the person must pay the fine of ₹500 per day from the original due date.

What is SFT 1?

Statement of Financial Transaction (SFT) provides a reporting mechanism wherein specified entities are required to provide information about material financial transactions to the Income-tax Dept. The Statement of Financial Transaction is furnished in Form 61A as per the provisions of Section 285BA read with Rule 114E.

Who needs to file sft?

SFT must be submitted by a Financial Institution, Depository, Mutual funds house, Company, etc, on the transaction made by their account holders. On submission of such a statement, the data will be reflected in the AIS of the taxpayers.

What is SFT interest income?

Statement of Financial Translations or SFT refers to information related to certain high-value transactions which specified persons are required to report to the income tax department. The SFT was earlier known as Annual Information Return (AIR).

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How to show SFT in income tax return?

Process for Submission for SFT Identify Reportable Transactions. Entities like banks, mutual funds, registrars, and NBFCs must report specific high-value transactions. Register on the Reporting Portal. Prepare the SFT Report. Validate and Verify Data. Submit the SFT Online. Acknowledgment Correction. Compliance Penalties.

What is the meaning of SFT 011 transaction?

SFT- 010: Purchase of mutual fund units. SFT- 011: Purchase of foreign currency. SFT- 013: Cash payment for goods and services.