{"id":3239,"date":"2019-12-25T16:37:30","date_gmt":"2019-12-25T11:07:30","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=3239"},"modified":"2019-12-25T16:44:52","modified_gmt":"2019-12-25T11:14:52","slug":"form-61a","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/form-61a\/","title":{"rendered":"Everything You Need To know About Form 61A &#8220;Specialized Financial Transactions&#8221;"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">In the past few times, you might be heard the word of filing of form 61A. So what is Form 61A? In this article, we will understand everything about the filing of Income-tax form 61A and form 61A applicability. Recently to keep an eye on the high-value transactions done by the<a href=\"https:\/\/aktassociates.com\/blog\/taxpayers-in-india\/\"> taxpayers<\/a>, the Income Tax Act has introduced a new concept in which the taxpayer would be required to file a Statement of Financial Transactions in a specified form <\/span><span style=\"font-weight: 400;\">61A<\/span><span style=\"font-weight: 400;\"> also called as AIR (Annual Information Return) earlier. In other words, the Statement of Financial Transactions or Form 61A is the record of specified financial transactions that would be furnished under the <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-rules-for-nri\/\">Income Tax<\/a> Act by the assessee. In this article, we will answer the following questions relating to the statement of specified financial transactions.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3238\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Statement-of-Specified-Financial-Transactions-SFT-1.png\" alt=\"Statement of Specified Financial Transactions ( SFT )\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Statement-of-Specified-Financial-Transactions-SFT-1.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Statement-of-Specified-Financial-Transactions-SFT-1-300x171.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Statement-of-Specified-Financial-Transactions-SFT-1-20x11.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What type of transactions shall be called the Specified Financial Transactions?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What is the filing <\/span><span style=\"font-weight: 400;\">due date of Form 61A<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Which <\/span><span style=\"font-weight: 400;\">Transactions are required to be reported in Form 61A<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In case, there is no specified financial transaction occurred in\u00a0 the financial year than whether the assessee is also required to <\/span><span style=\"font-weight: 400;\">file Nil Statement<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">What is the penalty for Non-Compliance<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">How to file form 61A<\/span><\/li>\n<\/ul>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/form-61a\/#Q1_What_type_of_transactions_shall_be_called_the_Specified_Financial_Transactions\" title=\"Q.1 What type of transactions shall be called the Specified Financial Transactions?\">Q.1 What type of transactions shall be called the Specified Financial Transactions?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/form-61a\/#Q2_What_is_the_filing_due_date_of_Form_61A\" title=\"Q.2 What is the filing due date of Form 61A\">Q.2 What is the filing due date of Form 61A<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/form-61a\/#Q3_Which_Transactions_are_required_to_be_reported_in_Form_61A\" title=\"Q.3 Which Transactions are required to be reported in Form 61A\">Q.3 Which Transactions are required to be reported in Form 61A<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/form-61a\/#Q4_In_case_there_is_no_specified_financial_transaction_occurred_in_the_financial_year_than_whether_the_assessee_is_also_required_to_file_Nil_Statement\" title=\"Q.4 In case, there is no specified financial transaction occurred in the financial year than whether the assessee is also required to file Nil Statement\">Q.4 In case, there is no specified financial transaction occurred in the financial year than whether the assessee is also required to file Nil Statement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/aktassociates.com\/blog\/form-61a\/#Q5_What_is_the_penalty_for_Non-Compliance\" title=\"Q.5 What is the penalty for Non-Compliance\">Q.5 What is the penalty for Non-Compliance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/aktassociates.com\/blog\/form-61a\/#Q6_How_to_file_form_61A\" title=\"Q.6 How to file form 61A\">Q.6 How to file form 61A<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Q1_What_type_of_transactions_shall_be_called_the_Specified_Financial_Transactions\"><\/span><b>Q.1 <\/b><b>What type of transactions shall be called the Specified Financial Transactions?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The following financial transactions are covered in the specified financial transactions:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Purchase, sale or exchange of goods, right, property, or interest in any property.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Works contract.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Delivering services.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Any investment or expenditure.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Accepting any deposit or taking any loan.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It is to be noted that the CBDT can recommend different values for different persons with respect to different transactions by considering the nature of the transactions. For covering the specified transaction, the aggregate value of such transactions in a particular financial year must be more than Rs.50,000.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Q2_What_is_the_filing_due_date_of_Form_61A\"><\/span><b>Q.2<\/b> <b>What is the filing <\/b><b>due date of Form 61A<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This statement in form 61A for the previous FY (financial year) is required to be filed within 31<\/span><span style=\"font-weight: 400;\">st<\/span><span style=\"font-weight: 400;\">, May every year. If in case, an assessee is not able to do so, the income tax authorities shall issue a notice to such assessee and order the assessee to submit the form within the period of 30 days from the issuance of such notice. Further, in case such assessee still continues to be the assessee in default by not complying with the notice of the authorities by answering to such notice then a penalty shall be levied on such assessee which would amount to Rs.500 per day of such default. This said penalty would be calculated from the expiry of the period as mentioned in such notice.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can download the form 61A utility from the official website of Income-tax.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Q3_Which_Transactions_are_required_to_be_reported_in_Form_61A\"><\/span><b>Q.3<\/b> <b>Which <\/b><b>Transactions are required to be reported in Form 61A<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">\u00a0This is the most crucial part of this article. In the following, we have explained the type of transactions and their limit which is required to be reported in form 61A by the specified assessee.<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Those individuals who are responsible for furnishing Form 61A<\/b><\/td>\n<td><b>Type of Transaction and their limit<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Banking Companies and Co-operative Banks<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Cash payment for the purchase of POs (Purchase orders) \/ DDs (Demand drafts) for an amount equal to Rs.10 lakhs or more annually<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Banking Companies and Co-operative Banks<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Cash payment more than Rs.10 lakhs for purchasing any prepaid RBI instruments like RBI bonds, etc.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Banking Companies and Co-operative Banks<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Deposits or withdrawals amounting to Rs.50 lakhs or more of an account holder from a current account\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Banking Companies, Co-operative Banks and Post Offices<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Deposit totalling to Rs.10 lakhs or more in one or more accounts of an account holder<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Banking Company, Co-operative Bank, Post Master General of Post office, Nidhi<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Cash payment aggregating to Rs.1 lakh or more in a year or Rs.10 lakhs or more against any credit card bill which is issued to a customer in a year<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">A company or an institution issuing debentures or bonds<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Receipt exceeding Rs.10 lakhs in a year from any individual for purchasing or subscribing such debentures\/bonds<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">A company issuing shares<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Receipt exceeding Rs.10 lakhs in a year from an individual for purchasing or subscribing such shares. This also includes share application money received.<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Listed companies<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Share buy-back from a person for an amount totalling Rs.10 lakhs or more<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Manager\/Trustee of a Mutual Fund<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Receipt exceeding Rs.10 lakhs in a year from an individual acquiring the units of such<a href=\"https:\/\/aktassociates.com\/blog\/the-taxation-laws-amendment-ordinance-2019\/\"> Mutual Fund<\/a><\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">A Dealer of Foreign Exchange<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Receipt the money from the person for the sale of a foreign currency or expenses like bank charges incurred in such foreign currency through a debit\/credit card or via the issue of draft or traveller\u2019s cheque or any other financial instrument for an amount Rs.10 lacs or more annually<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Inspector-General\/Sub-Registrar appointed under the Registration Act, 1908<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Sale\/ Purchase by a person of immovable property for Rs.30 lakhs or more or which is valued by stamp valuation authority at Rs.30 lakhs or more<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Persons Who are liable for <a href=\"https:\/\/aktassociates.com\/blog\/tax-audit-under-section-44ab\/\">audit u\/s 44AB<\/a> of the Income Tax Act<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Cash receipt exceeding Rs.2 lakhs by a person for sale of goods or rendering of services (other the ones specified above)<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><a href=\"https:\/\/aktassociates.com\/nri-lower-tds-certificate-sale-of-property-in-india\"><span style=\"font-weight: 400;\"> <img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-2336\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing.png\" alt=\"Get Income Tax Return filing\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing.png 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing-300x64.png 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/10\/Get-Income-Tax-Return-filing-20x4.png 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/span><\/a><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"Q4_In_case_there_is_no_specified_financial_transaction_occurred_in_the_financial_year_than_whether_the_assessee_is_also_required_to_file_Nil_Statement\"><\/span><b>Q.4<\/b> <b>In case, there is no specified financial transaction occurred in the financial year than whether the assessee is also required to <\/b><b>file Nil Statement<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">There\u2019s a most common dilemma with respect to filing of form 61A which provides that if an entity which hasn\u2019t entered into any of Specified financial transactions in the FY (Financial Year) 2017-18 but covered into the reporting class of person as provided under the provisions of the Income Tax Act then whether they also need to file form 61A\/Statement of financial transactions as Nil statement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this regard, we have few circulars which are being issued by the CDBT (Central Board of Direct Taxation) on the same which somewhat they could not solve such problem, however, experts in the field as an advisor, I\u2019ll recommend that although Nil Statement is not mandatory but to stay on the safer side you should consider filing the STF (Statement of Financial Transactions) or Form 61A.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Q5_What_is_the_penalty_for_Non-Compliance\"><\/span><b>Q.5 What is the penalty for Non-Compliance<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Where a person could not file the form 61A within the time then a penalty of Rs.1000 shall be levied for each day during which the default continues.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, if the assessee has filed the incorrect particulars in the statement, then he shall be liable for the penalty.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Q6_How_to_file_form_61A\"><\/span><b>Q.6 How to file form 61A<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">For filing of form 61A, PAN number is not enough, you will also need to have ITDREIN (Income tax department reporting entity identification number). You can obtain this number by making a registration at the income tax website after login. The process is quite simple:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">After login to your account, go to \u201cMy Account\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Click on the \u201cReporting Portal\u201d<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Enter the details shown on such page<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Press submit and after submission, ITDREIN shall get generated and you receive a confirmation at your email ID and Mobile Number.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><strong>Note:<\/strong> once the number has been generated, there is no option for the deactivation of this number.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the reporting portal, you will also get the form 61A where you can fill all the transactions as specified above. Fill the information, make a <a href=\"https:\/\/aktassociates.com\/blog\/digital-signature-certificate\/\">digital signature<\/a> and then upload it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">I hope this article fulfil its purpose. Also, if you have still any doubt in this regard then you can mail us or WhatsApp us. We will be happy to assist you.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the past few times, you might be heard the word of filing of form 61A. So what is Form &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Everything You Need To know About Form 61A &#8220;Specialized Financial Transactions&#8221;\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/form-61a\/#more-3239\">Read more<span class=\"screen-reader-text\">Everything You Need To know About Form 61A &#8220;Specialized Financial Transactions&#8221;<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":3240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Everything you need to know about Form 61A AKT Associates<\/title>\n<meta name=\"description\" content=\"Understanding of specialised financial transactions thorough FAQ Transactions which are needed to file in form 61AFiling of NIL statement in form 61A\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aktassociates.com\/blog\/form-61a\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Everything you need to know about Form 61A AKT Associates\" \/>\n<meta property=\"og:description\" content=\"Understanding of specialised financial transactions thorough FAQ Transactions which are needed to file in form 61AFiling of NIL statement in form 61A\" \/>\n<meta property=\"og:url\" content=\"https:\/\/aktassociates.com\/blog\/form-61a\/\" \/>\n<meta property=\"og:site_name\" content=\"AKT Associates\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-25T11:07:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-12-25T11:14:52+00:00\" \/>\n<meta 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