INCOME TAX11 Sept 2026
Notification No. 1 of 2026 : Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT-2517) for Depository Transactions under section 508(1) of the Income-tax Act, 2025 read with sub-rule 6 of rule 237 the Income-tax Rules, 2026
A new notification sets the format and procedure for reporting depository transactions. Notification No. 1 of 2026 explains how to submit the Statement of Financial Transactions, called SFT-2517, under section 508(1) of the Income-tax Act, 2025, read with sub-rule 6 of rule 237 of the Income-tax Rules, 2026. It covers depository transactions, so check whether this reporting applies to you.
Key Statutory Highlights
- Notification No. 1 of 2026 gives the format, procedure and guidelines for submitting the Statement of Financial Transactions, known as SFT-2517, for depository transactions.
- The reporting requirement comes under section 508(1) of the Income-tax Act, 2025.
- These guidelines are to be read along with sub-rule 6 of rule 237 of the Income-tax Rules, 2026.
Actionable Advice for Taxpayers / Founders:If you handle depository transactions, check with your CA or compliance team whether this SFT-2517 reporting applies to you, and be ready to follow the prescribed format once it does.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief passed the displayed source checks. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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