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/Form 61B. Before filing any Form on reporting portal the reporting entity has to get its registration done on reporting portal. This article will contain the Process of registration, the process of adding the additional user and at the end discussing some practical issues and its respective answers.
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 Next.
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”.
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.
After logging into account, Principal Officer can add more users.
The steps to add more users are as follows:
1. On the Home page, click Profile tab
2. On the left sidebar, click the drop-down menu “Manage Users.
3. Select Add Users.
4. Provide the details of new user in the User Detail
5. Click on Submit.
1. Reporting Entity can only add a maximum of 10 users, out of which only the Principal Officer is mandatory.
2. Only the fields marked with asterisk (*) are mandatory, it is recommended to fill out all the fields under each section.
Ans: Registration for Form 61A and Form 61 can be done using PAN or TAN. For Form 61B, registration can only be done using PAN.
Please note that except Post offices and Property registrar (which do not have a PAN), all other Reporting Entities must register using their PAN. Post offices & Registrar must register using only TAN.
Ans: Reporting Portal is one of the main components of Project Insight platform to provide a comprehensive interface between Reporting Entities and the Income-tax Department. The Reporting Portal will enable the Reporting Entity to avail the various web services (including statement upload) provided by the ITD and also keep track of the status of the various statements uploaded and processed.
Ans: Manage principal officer section is required in following scenarios –
a) In case reporting entity does not have a principal officer, and the principal contact wishes to add a new principal officer.
b) In case current principal officer has left the organization and principal contact wishes to change the existing principal officer.
Ans: There are two set of categories for reporting entities depending upon the form type.
For Form 61 and61A:
M – Mutual Fund
N – NBFC/Nidhi
P – Post Office
R – Reserve Bank of India
S – Securities Market Intermediary
I – Insurer
G – Government
O – Others
C – Co-operative Bank
B – Banking Company
D – Depository
For Form 61B:
S – Specified Insurance Company
I – Investment Entity
C – Custodial Institution
D – Depository Institution
O – Other
Ans: Principal Officer, Designated Director, Nodal Officer, Alternate Nodal Officer and sub users.
Ans: As per Explanation 1 to Rule 114E of the Income-Tax Rules, a “”Designated Director”” means a person designated by the reporting person to ensure overall compliance with the obligations imposed under section 285BA and rules 114B to 114E and includes— (i) the Managing Director or a whole-time Director duly authorised by the Board of Directors if the reporting person is a company; (ii) the managing partner if the reporting person is a partnership firm; (iii) the proprietor if the reporting person is a proprietorship concern; (iv) the managing trustee if the reporting person is a trust; (v) a person or individual, who controls and manages the affairs of the Reporting Entity if the reporting person is, an unincorporated association or, a body of individuals or, any other person. The Designated Director only has the privilege to upload the statement. “”Principal Officer”” means an officer designated as such by the reporting entity/ person.
Ans: Yes. The Principal Contact of the Reporting Entity can assign the role of the Designated Director and Principal Officer to the same person.
Ans: No. Only Reporting Entity details and Principal Officer details are mandatory at the time of registration to obtain ITDREIN. Other users can be added from the profile section of Reporting Portal later.
Ans: Income Tax Department Reporting Entity Identification Number (ITDREIN) is an identification number allotted by the Income Tax Department to a Reporting Entity once the registration process is completed. ITDREIN is to be quoted by reporting entity for reporting any reportable transaction of a specified type. A Reporting Entity may have more than one ITDREIN for each type of reporting obligation.
Ans: For each unique combination of form type and reporting entity category, a unique ITDREIN could be generated.
(Republished with Amendments)