CA Rajan Raichura

Income tax department is sending bulk emails to all assesse, for filing of preliminary response and form 61A.

We have summarized the Statement of Financial transactions (SFT) filing of preliminary response and form 61A, as under:

Particulars Preliminary Response Filing of Form 61A
Persons not covered under Tax Audit (other than companies) Response as “NOT APPLICABLE” and no need to apply for ITDREIN Number Form is not required to be filed.
Persons covered under Tax Audit and do not have Cash Sales of Rs. 2 lakhs per transaction during the year Response as “NO” and required to apply for ITDREIN Number Upload form 61A with option “ND – No Data”
Persons covered under Tax Audit and have Cash Sales of Rs. 2 lakhs per transaction during the year Response as “YES” and required to apply for ITDREIN Number Upload form 61A with option “Filing of Original Statement” and provide the details (name of party, date, amount, PAN and address)
In the case of Companies who have received share application money or against issue of shares above Rs 10 lakhs from single party, during the year Response as “YES” and required to apply for ITDREIN Number Upload Form 61A with option “Filing of Original Statement” and provide the details (name of party, date, amount, PAN and address)
In the case of Companies who have not received share application money or against issue of shares above Rs 10 lakhs, from single party during the year Response as “NO” and required to apply for ITDREIN Number Upload Form 61A with option “ND – No Data”

Process of Giving Preliminary Response

Go to incometaxindiaefiling.gov.in, log in to income tax portal with your Userid (PAN) and Password.  Go to Compliance tab -> Preliminary Response to Specified Financials Transaction.

Process of Uploading Form 61A

Go to incometaxindiaefiling.gov.in, log in to income tax portal with your Userid (ITDREIN) and Password.  Go to upload Form 61A -> Upload XML (Generated though form 61A schema).

Above are the personal views of the author and for private circulation only.

Author: Rajanvi Advisory Services – Mumbai and Rajkot.

You can reach author at rajanvi@hotmail.com and Mob: +91 – 82610 01212

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Category : Income Tax (24510)
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Tags : AIR (81) SFT (24)

7 responses to “Statement of Financial transactions – Form 61A filing & Submitting “SFT Preliminary Response””

  1. B.SHIVA says:

    thankyou for the relevant information

  2. ajoy kumar sen says:

    thankyou for the relevant information regarding 61A

  3. Paras says:

    It has been confirmed with the IT Department that only reporting entities have to submit Forms. If you are covered by tax audit however do not have any cash sales, you are no reporting entities and accordingly not required to submit the form with NIL or NA value. Reporting Entity is one which has a reportable transaction.

  4. Preeti Khandelwal says:

    Is all companies required to file the response even if no share cpaital issued and also not covered in tax audit?

  5. upasana says:

    there is no transaction in cash above 2 lacs but still notice is being received, do we need to rply in form 61A for co. assessee & indvl covered under Tax Audit if the notice is being received for the same

  6. Pooja says:

    Is everyone required to file Preliminary SFT response (i.e. individual assessee also (without tax audit))?
    I also want to know that why preliminary SFT is there as assessee shall file Form 61A directly, So what is the purpose of Preliminary SFT?

  7. Rakesh Bansal says:

    Author is right.

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