Deepak Gupta | May 27, 2017 |
Form -61A: Filing of Form-61A: Is it mandatory for you
FORM -61A: To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the new concept of furnishing of Statement of financial Transactions in Form No 61A (previously called as Annual Information Return (AIR)
The statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act read with rule 114E shall be furnished in respect of a financial year in Form No. 61A and shall be verified in the manner indicated therein. Due date to Furnish such statement for Financial Year 2016- 17 is 31st May 2017.
Now days a question is coming to the mind of many professional that in case of an entity who has not entered into any of the Specified or report able financial transactions in Financial Year 2016- 17 but who falls into the class of person (reporting person) under Section 285BA Read with Rule 114E of Income Tax Rules, are they required to file NIL statement of financial transactions (SFT) in Form No. 61A.
Some of the persons are of the opinion that Nil Statement is required to be filed while others are of the opinion that Nil Statement is not required to be filed in Form no. 61A. In this regard CBDT Issues Clarification on furnishing Statement of Financial Transaction (SFT) & SFT Preliminary Response.
Statement of Financial Transaction (SFT) Report Generation Utility User Guide- Version 2.0 (May 2017)
Extract of Income Tax Rule 114E
114E. (1) The statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in respect of a financial year in Form No. 61A and shall be verified in the manner indicated therein.
(2) The statement referred to in sub-rule (1) shall be furnished by every person mentioned in column (3) of the Table below in respect of all the transactions of the nature and value specified in the corresponding entry in column (2) of the said Table in accordance with the provisions of sub-rule (3), which are registered or recorded by him on or after the 1st day of April, 2016.
| Class of persons (reporting person) | Nature and Value of Transaction |
| A Banking Company, Co-operative Bank | Cash payment for purchase of DDs/POs of amount aggregating Rs 10 lakh or more in a year ET |
| A Banking Company, Co-operative Bank | Cash payment of Rs 10 lakh or more for purchase of prepaid RBI instruments (RBI bonds, etc.) |
| A Banking Company, Co-operative Bank | Cash deposit/withdrawal aggregating Rs 50 lakh or more from current a/c of a person |
| A Banking Company, Co-operative Bank, Post Master General of Post office | Cash deposit aggregating Rs 10 lakh or more in any one or more accounts of a person (other than current account and time deposit) |
| Banks/Post Master General/Nidhi/NBFC | One or more time deposits (other than those through renewal of another time deposit) of a person aggregating Rs 10 lakh or more |
| A Banking Company, Co-operative Bank, Post Master General of Post office, Nidhi referred to in sec 406 of the Companies Act 2013 | Payment in cash aggregating in a year Rs 1 lakh or more (in cash) or Rs 10 lakh or more (by any other mode) against credit card bill issued to a person during the year |
| Company or Institution issuing bonds or debentures | Receipt aggregating Rs 10 lakh or more in a year from a person for acquiring bonds/debentures |
| Company issuing shares | Receipt from a person aggregating Rs 10 lakh or more for acquiring shares (including share application money) |
| Company listed in recognized stock exchange | Buy back of shares from any person (other than bought from open market) for an amount aggregating Rs 10 lakh or more |
| Trustee/Manager of a Mutual Fund | Receipt from a person aggregating Rs 10 lakh or more for acquiring units of Mutual Fund |
| Foreign Exchange Dealer | Receipt from any person for sale of foreign currency or expense in such currency through a debit or credit card or through issue of travellers cheque or draft or any other instrument of an amount aggregating to Rs. 10,00,000 or more in a year |
| Inspector-General or Sub-Registrar appointed under Registration Act, 1908 | Purchase/Sale by any person of immovable property for Rs. 30 lakh or more or valued by the stamp valuation authority at Rs 30 lakh or more |
| Any person who is liable for audit under section 44AB of the Act | Receipt of cash payment exceeding Rs 2 lakh by any person for sale of goods/services (other than those specified above) |
| A Banking Company, Co-operative Bank | Cash deposits during the period 09th November, 2016 to 30th December, 2016 aggregating to (i) twelve lakh fifty thousand rupees or more, in one or more current account of a person; or (ii) two lakh fifty thousand rupees or more, in one or more accounts (other than a current account) of a person. |
| A Banking Company, Co-operative Bank | Cash deposits during the period 1st of April, 2016 to 9th November, 2016 in respect of accounts that are reportable under Sl.No.12. |
Therefore filing of Nil Statement in form No. 61A is not mandatory under section 285BA read with rule 114E but to be on safer side Assessee may consider filing such a return.
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