Applicability of Form 61A: Only those persons who have registered or recorded
the transactions as specified in Rule 114E (2) read with Section 285BA (1) are
required to file Form 61A.
No Requirement to file Nil Form 61A if there are
no reportable transactions.
As per Rule 114E of Income Tax
Rules, following persons are required to file Form 61A :
S.
No.
|
Reporting
Person
|
Transactions
to be Reported
|
1
|
Any
person liable to audit u/s 44AB
|
Receipt
of cash payment exceeding Rs. 2 lakhs for sale by any person of goods or
services of any nature
|
2
|
A banking company
including a Cooperative Bank
|
a. Payment in cash
to a Bank for Bank Drafts/ Pay Orders/ Bankers Cheque aggregating to Rs. 10
Lakhs for more ion a Financial Year.
b. Payment in cash
for purchase of prepaid instruments issued by RBI aggregating to Rs. 10 Lakhs for
more in a Financial Year.
c. Cash deposits/
withdrawals (including a bearer cheque) aggregating to Rs. 50 Lakhs or more
in a FY in one or more current accounts of a person.
|
3
|
Post Master General
or
Banking Company or
a
Cooperative Bank
|
Cash deposits/
withdrawals (including bearer cheque) aggregating to Rs. 10 Lakh or more in
the account of a person in a Financial Year (Other than current Account)
|
4
|
Post Master General
Banking Company
Co Operative Bank
Nidhi Bank
Non Banking Finance
Company
|
Payment in any mode
(Other than through renewal) for
one or more Time Deposits aggregating to Rs. 10 Lakhs more of a person during a financial year.
|
5
|
Banking company;
Co-operative bank
or a
Company/institution
issuing credit card
|
Payment made by any
person of an amount aggregating to:
·
1
lakh or more in cash
·
10
lakhs or more by any mode against bill raised in respect of one or more
credit cards issued to that person in an FY
|
6
|
A company issuing
bonds and debentures
|
Receipt of Rs. 10
lakhs /or more from a person aggregating to 10 lakhs in a FY for acquiring
bonds/debentures.
|
7
|
A company issuing
shares
|
Receipt of Rs. 10
lakhs or more in aggregate in a FY for acquiring shares
|
8
|
Buy Back of
securities by a co. listed on recognized stock exchange
|
Buy back of shares
from a person for an amount aggregating to Rs. 10 lakhs or more in a FY
|
9
|
Trustee/Manager of
Mutual Fund
|
Receipt of Rs. 10
lakhs or more in aggregate in a FY for acquiring units of mutual fund (other than acquisition by way of transfer
from one fund to another)
|
10
|
Dealers of Foreign
Exchange
|
Receipt from any
person for sale of foreign exchange including any Foreign exchange card or
expenses through such debit/credit card or through travelers' cheque
aggregating to Rs. 10 lakhs or more during a FY
|
11
|
Inspector general
/Registrar/Sub Registrar
|
Purchase/sale by a
person of an immovable property for Rs. 30 lakhs or more or stamp duty value
of which is ascertained at Rs. 30 lakhs or more u/s 50C
|
12
|
Banking Company
Co-operative bank
Post master general
|
Cash deposits
during demonetization:-
·
1250000
or more in one or more current a/c of a person
·
250000
or more in one or more a/c other than current a/c of a person
|
13
|
Banking Company
Co-operative Bank
Post master General
|
Cash deposits during
1st April'16 to 9th Nov'16 in
reportable accounts as determined under Point no. 12
|
Penalties for
Non Filing of Form 61A under section 271FA
1. DEFAULT IN FILING FORM 61A u/s
285BA(1) : In case a person does
not File Form 61A on or before the due date i.e. 31st May, 2018 then penalty @ Rs. 500 per day for the period of default.
2. DEFAULT IN FILING FORM 61A
SUBSEQUENT TO A NOTICE RECEIVED FROM DEPARTMENT U/S 285BA(5): If after receipt
of notice for non filing of Form 61A,
further default is made in filing 61A then after that, penalty @ 1000 per day shall be leviable for such further delay.
3. Penalty of Rs. 50,000 u/s 271FAA for
furnishing inaccurate particulars in Form 61A : A maximum penalty shall
be levied if the person liable to file Form 61A furnishes inaccurate/untrue
particulars and the original statement
shall be treated as invalid.
Whether
NIL statement is required to file: Section
285BA deals with the obligation to furnish statement
of financial transaction or reportable account and Rule 114E deals with
furnishing the statement of
financial transaction(SFT).
Now the question is whether NIL
statement is mandatory to file for an entity that has not entered in any specified or reportable financial
transaction in FY 17-18 but is covered under the category of persons specified u/s 285BA read
with rule 114E.
1.
Although
Section 285BA read with rule 114E of Income Tax Rules, filing of NIL Form 61A
is neither made mandatory explicitly nor this Section 281BA read with Rule 114E
provides an express waiver from filing of NIL Form 61A in the absence of reportable transactions.
2.
Although
Nil Form 61A is not mandatory, but assessee may prefer to be on the safer
side of compliance by filing Nil Form
61A in the absence of reportable transactions. Further in order to maintain
consistency in filings, assessee may prefer to file Nil Form 61A even in the
absence of reportable transactions as the assessee had filed Form 61A for the
last Financial Year.
3. We however advise not to file NIL
return for Form 61A as later on some transactions may be detected which were
required to be reported in Form 61A but escaped notice of the assessee leading
to Nil filing of Form 61A, then this may lead to a situation where hefty
penalties may be levied based on inaccuracy of Form 61A filed earlier.
Procedure for Filing Form 61A
1. CBDT has launched a separate portal
for filing of Form 61A. Now every assessee has to file Form 61A as required u/s 285BA read with Rule 114E on
this separate "Reporting
Portal".
2. Principal Director
General of Income-tax
(Systems) hereby lays down the following procedures:
Already
registered reporting person/entities on e-filing portal
|
New
registration, Generation of Income Tax Department Reporting Entity
Identification Number (ITDREIN)
|
1.
The
registration details of already registered entity have been migrated to E-filing portal to Reporting Portal.
|
1. The reporting person is
required to get registered with Income Tax Department by logging in to
E-filing website with Log-in Id used
for the purpose of filing of Income Tax return.
|
2. The registered user of such
reporting person shall communicated his log-in
credentials through registered E-mail
to be used at reporting portal.
|
2.
The reporting
Person need to click
Reporting
Portal under 'My Account" tab at E-filing
portal to access Reporting Portal at first time registration.
|
3.
The reporting
person will be mandatorily required to fill details of form type, category
and address of reporting person along with
the details of Principal officer.
|
|
4.
On successful submission, ITDREIN is generated and Principal
officer will receive a confirmation mail or SMS on his registered mobile number.
Once ITDREIN is generated, it
cannot be deactivated.
|
Submission of form NO. 61
1.
Every reporting Person is required to submit form no. 61.
2.
Report Generation and Validation Utility for form 61 and Generic Submission Utility
can be downloaded from the reporting Portal
under "Resources Tab".
3.
Using Report_Generation_Utility, It allow user to generate SFT(XML) with no
financial transactions in it.
4.
Fill required information in statement (Part A) and select ND (no data) from
drop down field if no specified transaction in FY.
5.
Save XML to desired location of the system.
6. Prepared statement to be filed is required to
be digitally signed by principal officer.
7. The prepared SFT is required to
be digitally signed by and uploaded at the
reporting portal or through Generic Submission Utility through the login
credentials
(PAN and password) of the designated director.
DELETION OF SUBMITTED
REPORTS IN STATEMENT
In
case, the reporting person/entity wishes to delete the inadvertently filed
reports within a statement, it can choose the statement type as “Deletion
Statement” and file all such reports within
a single statement to be deleted with exact previously filed values against
each field. The manner of filing Deletion Statement shall be similar to
submission of correction statement.
CORRECTION OF SFT
ALREADY FILED
1.
In
case, the reporting person/entity comes to know or discovers any inaccuracy in
the information provided in the statement or the defects have been communicated
to the reporting person/entity through Data Quality Report (DQR) after submission
of Statement, it is required to remove the defects by submitting a correction
statement.
2.
The
number of “Reports Requiring Correction (RRC)” will be visible against the
original statement on reporting portal under the ‘Statement Pending for Correction’
tab.
3.
The
user can download the DQR file from the DQR column under ‘Statements Pending
for Correction’ Tab at Reporting Portal, which can then be opened on the Report
Generation utility to find and fix the errors. The reporting person/entity
needs to rectify all the defects till the number of “Reports Requiring
Correction (RRC) becomes zero within specified time.
Compiled by Tanveer Alam and Megha Bansal at Sandeep Ahuja & Co
