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Reporting of Specified Financial Transaction and filing of Form 61A for FY 2020-21 before 31-05-2021

Reporting of Specified Financial Transaction and filing of Form 61A for FY 2020-21 before 31-05-2021

This is to inform you that every person who has entered into any "Specified Financial Transaction" (SFT) during F.Y.2020-21 (i.e. from 01-04-2020 to 31-03-2021), is required to file Form 61A on or before 31-05-2021 as prescribed under the Income Tax  Act, 1961.

 

The Specified Financial transactions which need reporting are as follows (for other than banking, mutual fund, post office entity):

 

Sr. No.

Person responsible for furnishing Form 61A

Type of Transaction and limit

1

NBFC

Time Deposits aggregating to INR 10 lakhs or more in one or more accounts of an account holder (other than renewal of time deposit)

2

A company or an institution issuing debentures or bonds

Aggregate receipt of INR 10 lakhs or more in a year from any person for acquiring  such debentures/bonds

3

A company issuing shares

Aggregate receipt of INR 10 lakhs or more in a year from any person for acquiring such shares.

This includes share application money received.

4

Listed companies

Share buy-back from a person for an amount aggregating to INR 10 lakhs or more (other than shares bought in the open market)

5

A Dealer of Foreign Exchange

Receipt from a person for sale of a foreign currency or expenses incurred in such foreign currency via debit/credit card or via issue of draft or traveller’s cheque or any other financial instrument for an amount totalling INR 10 lakhs  or more annually.

6

Persons liable for audit u/s 44AB of the Income Tax Act, 1961

 

Kindly note that this clause is applicable to every entity liable for Tax Audit u/s 44AB

Cash receipt exceeding INR 2 lakhs by a person for sale of goods or rendering of services

(other than ones specified above)

 

 

Also note that delay or default in furnishing Form 61A in case there is a liability to file the same, will attract following penalty:

 

The procedure to upload Form 61A is given below:

  1. Login to incometaxindiaefiling.gov.in
  2. Select My Account
  3. Manage ITDREIN & select Form V and then generate ITDREIN
  4. Click on ITDREIN & fill details of Authorised person
  5. You activate the link which will come to your email & using OTP received on your mobile
  6. Login to Reporting Portal https://report.insight.gov.in/reporting-webapp/portal/homePage
  7. Login using Authorised person’s PAN & Password
  8. Select Form 61A & ITDREIN of the company & then go to profile
  9. Select SFT Preliminary Responses
  10. Fill up the details.

If details to be provided are NIL, then it is compulsory to file “NIL Return”.

Kindly note non filing will attract penalty under section 271FA of Rs. 100 per day from 1st June, 2021. Filing of inaccurate information will attract penalty of Rs 50,000.

 

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