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

As per Rules 114E of Income-tax Rules

 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

•  Sub-registrar
• A Cooperative Bank
• A Banking Company
• NBFC
• Nidhi
• 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

FORM 61A PDF -Download /Print

As per Rules 114E of Income-tax Rules

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]

Form 61 and Form 61A – ITDREIN Registration and Upload -User Manual

Procedure for Registration & submission of statement in Form 61A : Notification No 13 of 2016 30th December, 2016

Read Complete Income Tax Commentary

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