FORM 61A Income Tax : Complete Guide
Here is the complete Guide on FORM 61A Income Tax for Statement of Financial Transaction
Statement of financial transaction due date,
DON’T MISS THE DEADLINE of 31st May 2018 to file Statement of Financial Transactions (SFTs) Online in FORM 61A for specified financial transactions entered with third parties during F.Y. 2017-18
Late fee for not filing Statement of financial transaction
- For delay in filing SFT, you are liable for penalty upto Rs. 1000/- for each day of default.
- Filing inaccurate statement may also lead to levy of penalty.
Who is required to Furnish Form 61A of Income Tax
The statement referred to in Rules 114E(1) of Income-tax Rules shall be furnished by every person mentioned in column (3) of the Table in Rules 114E (2) of Income-tax Rules in respect of all the transactions of the nature and value specified in the corresponding entry in column (2) of the said Table of Rules 114E (2) of Income-tax Rules in accordance with the provisions of Rules 114E (3) of Income-tax Rules which are registered or recorded by him on or after the 1st day of April, 2016.
IF YOU ARE
- A Cooperative Bank
- A Banking Company
- Post Master General
- Issuer of Bonds/debentures/shares
- Trustee of Mutual Funds or Managing the Affairs of Mutual Fund
- Foreign Exchange Dealer
- Supplier of Goods or Services (whose accounts a re required to be audited U/s. 44AB of the Income Tax Act, 1961)
THEN YOU ARE required to file online statement of Specified Financial Transactions (SFT) in Form No. 61A for these transactions entered with third parties during F.Y. 2017-18
Statement of Financial Transaction Applicability
Relevant Rules for statement of financial transaction in Form 61A of Income Tax
For transactions for which you needs to file statement of financial transaction are mentioned in Rules 114E of Income-tax Rules .
What is the Format of Form 61A of Income Tax
The statement of financial transaction required to be furnished under section 285BA (1) of Income Tax Act Act shall be furnished in respect of a financial year in FORM 61A and shall be verified in the manner indicated therein.
How to file Form 61A of Income Tax
For registration and submission visit https://report.insight.gov.in/reporting-webapp/portal/homePage . However, Post Offices and Sub-Registrars can submit their statements to TIN facilitation centers; details are available, at www.tin-nsdl con]
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