Form 61 A

Form 61 A is required to be filled at the time of making high-value transactions. Being a taxpayer, it is a must to furnish Form 61A to the Income Tax Authorities of India. The Income Tax authorities introduced this new concept of furnishing Form 61A as an alternative to filing an Annual Information return.

The key section of Form 61A

  • Full Name
  • PAN details
  • Folio Number
  • Address
  • Mention of the financial year in which the transactions has taken place
  • Number of Specified Financial Transactions
  • Total Value of Specified Financial Transactions taken place in the financial year
  • Details of the transactions: Transaction date, Transaction party details including PAN details, full address, transaction mode, amount, and code, etc.

What kind of transactions are reported in Form 61A?

  • Sale, exchange, or purchase of goods , services, property, right, or interest earned in any of the property transactions.
  • Any expenditure incurred or investment made.
  • Works Contract
  • Accepting any deposits or applying for a loan
  • The Central board of direct taxes has set different values concerning various financial transactions. But the aggregate value of a particular financial year must be Rs 50,000.
Individuals liable for furnishing PAN Form 61A Transactions Amount
Banks, Financial institutions, and Co-operative Banks Cash payment for purchase of POs (Purchase orders) / DDs (Demand drafts) For all cash payments related to purchasing any prepaid RBI instruments like RBI bonds, etc.
Deposits and withdrawals from a current account of an account holder
More than 10 Lakhs annually.
More than Rs 10 Lakh
More than Rs 50 Lakhs
Banking Companies, Co-operative Banks, and Post Offices Deposits in one or more accounts of an account holder More than 10 Lakhs
Banking Company, Co-operative Bank, Postmaster General of Post Office Aggregate cash payment in a year against any credit card bill which is issued to a customer in a year
Aggregate Online payment of any credit card bill which is issued to a customer in a year
More than Rs 1 Lakh
More than Rs 10 Lakh
A company or an institution issuing debentures or bonds Receipt from an individual for acquiring such debentures/bonds More than Rs 10 Lakh in a year
A company issuing shares Receipt from an individual for acquiring such shares. This includes share application money received More than Rs 10 Lakh in a year
Listed companies Share buy-back from a person More than Rs 10 Lakhs
Manager/Trustee of a Mutual Fund Receipt from an individual acquiring the units of such Mutual Fund More than Rs 10 Lakhs
A Dealer of Foreign Exchange Receipt from a person for sale of foreign currency or expenses incurred in such foreign currency via a debit/credit card or via issue of draft or traveler’s cheque or any other financial instrument More than Rs 10 Lakhs
Inspector-General/Sub-Registrar appointed under the Registration Act, 1908 Sale/ Purchase by a person of an immovable pro Above 30 Lakhs annually
Persons liable for audit under Section 44AB of the Income Tax Act Cash receipt for sale of goods or rendering of services (other than the ones specified above) Above 2 Lakhs

Importance of Form 61 A

Form 61A includes details of all the Specified Financial Transactions that has taken place in the financial year. It makes it easier for the Income Tax department to make the identification of the high-value transactions and minimizes the tax evasions. Additionally, the availability of these documents would help the individuals/organizations in tracking high value specified financial transactions for their own records.

What is due date set for filling of Form 61A?

The statement of previous financial year is required to be furnished by 31st May of each year. In case assessee not able to furnish the required details, the Income Tax Department will send notice to the assessee on non-submission of Form 61A by giving him or her a deadline of 30 days. Even receiving the notice, the assessee makes a default, a penalty would be levied on assessee amount to INR 500/ a day. Penalty will be calculated starting from the expiry of the stipulated period.

Steps to view Form 61A

Log on to the website of e-Filing portal using User ID (ITDREIN), Authorized Person PAN, and Password.

Click on the section ‘My Account’ to View Form 61A.

Choose the Assessment Year, Filing Status and click on “View Details”

  • Uploaded
  • Accepted
  • Rejected

The status will initially be displayed as “Uploaded”. When User selects filing status as “Uploaded” the following screen is displayed with Transaction Details.

After form uploading processing is completed, then the Filing status shall be updated based on the validation done and displayed as Accepted/Rejected. When the status is “Accepted” then the following screen is displayed to the user.

If the status is “Rejected” then the following screen is displayed to the user.

By selecting on “Transaction No”, the below details shall be displayed. The uploaded file can be downloaded by clicking on the link “ZIP”.