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Why Form 61A is required?

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Why Form 61A is required?

For keeping a watch on the high-value transactions done by the taxpayers, the Income Tax Act has framed a new concept to furnish a Statement of Financial Transactions or reportable account, previously also known as Annual Information Return (AIR). …

Is Form 61A mandatory?

It is the not mandatory to file NIL statement of Financial Transaction (Form 61A). However, an assessee has to file preliminary response.

Is filing of SFT compulsory?

registration) is mandatory only when at least one of the Transaction Type is reportable. A Page 4 functionality “SFT Preliminary Response” has been provided on the e-Filing portal for the reporting persons to indicate that a specified transaction type is not reportable for the year.”

What is form in income tax?

Income Tax Return (ITR) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department.

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What is form 61 & 61A of income tax?

Form 61A is a statement of Specified Financial Transactions that needs to be submitted by a notified taxpayer for the applicable financial year. Form 61A is generated under Section 285 BA of Income Tax Act, 1961 read with Rule 114E of Income Tax rules, 1962.

What is Form 61 61A and 61B of Income Tax Act?

Reporting Entity or Reporting Person is an entity which is required to furnish a Statement of Financial Transaction (in Form 61 A) or Statement of Reportable Account (in Form 61B) with the Income tax Department as per the provisions of section 285BA of the Income-tax Act 1961.

What is Form 61A?

Form 61A – Statement of Specified Financial Transactions (STF) Form 61A or Statement of Financial Transactions (STF) is a record of the statement of specified financial transactions which must be furnished under the Income Tax Act, 1961.

How many forms are there in income tax?

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A. There are seven ITR forms for individuals, namely, ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7.

How can I file form 61 of income tax?

How to Apply Form 61 Through Offline

  1. Full name of the applicant as per the identity documents.
  2. Resident address of the applicant.
  3. Date of birth.
  4. Father’s name.
  5. Valid mobile number.
  6. Details and amount of the transaction.
  7. Details of the application and acknowledgement number of PAN if not received by the applicant.

What is form 61A of income tax?

Form 61A is the statement of specified financial transactions that is required to be furnished under Section 285BA of the income tax by certain specified persons. Budget 2019 has widened the scope of Statement of Financial Transaction , by way of amending the scope of section 285BA.

Do tax auditees need to file Form 61A under Section 44AB?

However, as per Rule 114E of Income Tax Rules 1962, Tax Auditees covered u/s 44AB are expressly required to file Form 61A in case they have registered a reportable transaction during the relevant FY i.e. FY 2017-18. IV. IN DEPTH ANALYSIS OF REQUIREMENT TO FILE FORM 61A BY TAX AUDITEES COVERED U/S 44AB.

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What is form 61A under section 285ba?

Form 61A is the form in which the details of specified financial transactions to be filed under section 285BA of the Income Tax Act, 1961 read with Rule 114E of the Income Tax rules, 1962. What is the use of filing of Form 61A? Form 61A is used to report all the Specified Financial Transactions to the Income Tax Department.

What is the due date/ time limit to file Form 61A?

What is the due date/ time limit to file Form 61A? The statement of the financial transaction shall be furnished on or before the 31st May immediately following the financial year in which the transaction is registered or recorded by the notified specified person.

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