Form 61A of Income Tax - Statement of Financial Transaction

Hello everyone, in this post we will discuss the Form 61A of income tax. We will cover the following topics:

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

  • Uploaded
  • Accepted
  • Rejected

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.

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