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”.