Section 285BA of the Income Tax requires specified reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in Form No. 61A. As you all are aware that Budget 2019 widens scope of Statement of Financial Transactions (SFT). So therefore from this Financial Year 2019-20, the compliance will be more stringent.
The statement of financial transactions (online return in Form No. 61A with digital signature) shall be furnished on or before 31st of May, immediately following the financial year in which the transaction is registered or recorded. i.e For FY 2019-20 the due date will be 31st May, 2020.
|SI No||Nature of transaction alongwith respective reporting person||Value of transaction|
|1||Cash payment purchase of bank drafts or pay orders or banker’s cheque reported by A banking company or a co-operative bank to which the Banking Regulation Act, 1949 applies||Aggregating to Rs 10 lakh or more in a FY|
|Cash payments for purchase of pre-paid instruments issued by Reserve Bank of India and reported by A banking company or a co-operative bank to which the Banking Regulation Act, 1949 applies||Aggregating to Rs 10 lakh or more during the FY|
|Cash deposits or Cash withdrawals (including through bearer’s cheque) in one or more current account of a person reported by A banking company or a co-operative bank to which the Banking Regulation Act, 1949 applies||Aggregating to Rs 50 lakh or more in a FY|
|2||Cash deposits in one or more accounts other than a current account and time deposit of a person reported by A banking company or a co-operative bank to which the Banking Regulation Act, 1949 applies or by Post Master General||Aggregating to Rs 10 lakh or more in a FY|
|3||One or more time deposits (other than renewed time deposit of another time deposit) of a person reported by A banking company or a co-operative bank to which the Banking Regulation Act, 1949 applies or by Post Master General or by Nidhi companies or By NBFCs||Aggregating to Rs 10 lakh or more in a FY|
|4||Credit card payments made by any person either in cash or by any other mode in a Financial Year reported by A banking company or a co-operative bank to which the Banking Regulation Act, 1949 applies or any other company or institution issuing credit card||Aggregating to:
Rs 1 lakh or more in cash
Rs 10 lakh or more by any other mode in a FY
|5||Receipt from any person for acquiring bonds or debentures issued by the company or institution (other than renewal of the bond or debenture issued) reported by A company or institution issuing bonds or debentures||Aggregating to Rs 10 lakh or more in a FY|
|6||Receipt from any person for acquiring shares (including share application money) issued by the company and Reported by a company issuing shares||Aggregating to Rs 10 lakh or more in a FY|
|7||Buyback of shares from any person (other than the shares bought in the open market) reported by a company listed on a recognised stock exchange purchasing its own securities||Aggregating to Rs 10 lakh or more in a FY|
|8||Receipt from any person for acquiring units of one or more schemes of a Mutual Fund (other than transfer from one scheme to another of that Mutual Fund) reported by A trustee of a Mutual Fund or such other person managing the affairs of the Mutual Fund as may be duly authorised by the trustee in this behalf||Aggregating to Rs 10 lakh or more in a FY|
|9||Receipt from any person for sale of foreign currency including any credit of such currency to foreign exchange card or expense in such currency through a debit or credit card or through issue of travellers cheque or draft or any other instrument reported by Authorised person as referred to in clause (c) of section 2 of the Foreign Exchange Management Act, 1999||Aggregating to Rs 10 lakh or more during a FY|
|10||Purchase or sale of immovable property by any person reported by Inspector-General appointed under section 3 of the Registration Act, 1908 or Registrar or Sub-Registrar appointed under section 6 of that Act.||An amount of thirty lakh rupees or more or valued by the stamp valuation authority referred to in section 50C of the Act at thirty lakh rupees or more|
|11||Receipt of Cash payment for sale, by any person, of goods or services of any nature (other than those specified at Sl. Nos. 1 to 10) reported by any person who is liable for audit under section 44AB of the Act||Exceeding Rs 2 lakh|
The Reporting Portal allows reporting entities to register themselves with the Income Tax Department (ITD). To access the portal, visit the URL: https://report.insight.gov.in
The step-by-step process to registering through this portal is as follows:
1. Log in on e-filing portal and select Reporting Portal under My Account
2. Select New Registration and click on Continue. (Entities who have already generated an ITDREIN but have not registered their Principal Officer on e-filing portal, shall select Manage Principal Officer).
3. Choose the relevant Form Type and Reporting Entity Category and click Next to continue.
4. On the Reporting Entity Detail Page, fill out the form accurately.
5. The fields under Sponsored Entity or Trustee Documented Trust only have to be filled if Form Type 61B is selected.
6. Once details are filled, Click Add Principal Officer button at the bottom.
7. On the new page, enter complete details of the Principal Officer.
8. User can “Submit” the form or may proceed to add “Designated Director”, ”Nodal Officer”, “Alternate Nodal Officer” and “Sub Users”.
9. Once all the users are added and upon clicking the Submit button, the following dialog box appears:
|Your details have been successfully submitted. Please find the registration Request Number “xxxxxxxxxxxx”. An email has been sent to your registered email id.
Download Acknowledgment PDF
Acknowledgement message will be displayed with link to download Acknowledgment PDF.
10. Upon successful registration, ITDREIN and user credentials will be sent to registered email id.
User can log in on Reporting Portal with communicated credentials.
Form 61A has two parts. Part A which contains statement level information is common to all transaction types.
The report level information has to be reported in one of the following parts (depending of the transaction type):
(Republished with Amendments)