The Income Tax (I-T) department asked the entities under the obligation to file a statement of financial transactions (STF) to submit a report latest by May 31 to avoid penalty.

Taking to Twitter, the tax department wrote, "Kind Attention SFT filers! Last date to file Statement of Financial Transactions (SFT) for FY 2022-23 is May 31st, 2023." It further added, "Delay in filing SFT may entail penalty upto ?1000 for each day of default. Non-filing or filing inaccurate statement may also lead to levy of penalty. Please file your SFT within the due date."

According to a report in LiveMint, STF is an annual report that entities like banks, non-bank lenders, cooperative banks, and companies issuing a dividend have to file with the I-T department regarding the transactions done above their specified monetary threshold.