Hello everyone, in this post we will discuss the Form 61A of income tax. We will cover the following topics:
- What is Form 61A?
- Transactions under Form-61A
- Who has to file Form-61A?
- How to upload and view the process for the Form-61A?
- Form-61A due date
What is Form 61A?
Form 61A of Income Tax is a statement of specified financial transactions that a taxpayer should present before the government under the Income Tax Act for a Financial Year.
Submission of Statement of Financial Transactions (SFT) happens through the Form 61A which was earlier known as AIR (Annual Information Return).
Transactions under Form-61A
Below given are the transactions under Form-61A where we have discussed the total value of transaction and nature of the transaction.
|Total Value of Transaction||Nature of Transaction||Total Value of Transaction||Nature of Transition|
|Rs. 1 Lakh or More||Payment in cash/ Credit Card Bill||Rs. 10 Lakh or more (at one time or aggregating in respect of a person during F.Y. 2017-18)||Payment in cash for purchasing Bank Draft / Pay Order/ Banker’s Cheque/ Pre-Paid Instruments issued by RBI|
|Exceeding Rs. 2 Lakh||Receipt in cash by any person against the purchase of goods or Service of any nature|
|Exceeding Rs. 30 Lakh or more (Or Valued by Stamp Valuing Authority at Rs. 30 lakh or more)||Purchase or sale of Immovable property||Cash deposit in one or more accounts (other than a current account and time deposit)|
|Payment against Credit Card by any mode other than Cash|
|Receipt from any person for acquiring units of one or more schemes of a Mutual Fund, bonds/ debentures/shares issued by the company.|
|Rs. 50 Lakh or More||Cash deposit/withdrawal from one or more current account of a person in a financial year|
|Buy hack of shares from any person|
|Receipts for sale of foreign exchange|
Who has to file Form-61A?
- Below is the list of individuals or entities who are eligible to file it:
- A Cooperative Bank
- A Banking Company
- Postmaster General
- The 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 are required to be audited U/s. 44AB of the Income Tax Act, 1961)
How to upload and view the process for the Form-61A?
Here are steps to Upload the Form-61A:
Step 1: First Login to e-Filing portal using User ID (ITDREIN), Authorised Person PAN, and Password.
Step 2: Then go to e-File and Upload Form 61A.
Step 3: The upload screen will display the following details:
- Reporting Entity PAN
- Form Name
- Reporting Entity Category
Step 4: Then attach the Form 61A (.zip) File along with the Signature file and then click on “Upload”.
Step 5: Finally, when the validation process is complete, a success message will be displayed on the screen.
Steps to view the Form-61A
Here are the steps to view the form 61A:
Step 1: First login to e-Filing portal using User ID (ITDREIN), Authorised Person PAN, and Password.
Step 2: Then go to My Account -> View Form 61A.
Step 3: Next, select the Assessment Year, Filing Status and then click on “View Details”.
Step 4: You can see the Filing Status field will have the following details:
Step 5: The status will be shown as “Uploaded” at first. When you select filing status as “Uploaded” the screen will be displayed with your Transaction Details.
Step 6: Then the filing status will be displayed as Accepted/Rejected when the Form you had uploaded is processed.
The updated status is available after 24 hours of upload.
Step 7: When the status is shown as “Accepted”, then click on “Transaction No” and uploaded file can be downloaded by clicking on the link “ZIP”.
Step 8: If the status is shown “Rejected”, click on “Transaction No” and the error description is displayed on the screen.
Form-61A due date
A taxpayer should submit Form-61A of income tax to the government for the previous financial year before 31st May of that Assessment year. For example, you should submit Form-61A on 31st May 2020 for the SFT carried out in FY 2019-20.
Here we come to an end of this post on Form-61A. Also, we love to hear from you in the comment section below.