Get Form No. 61a

Form 61A lists all the Specified Financial Transactions carried out in a financial year. This helps the Income Tax department identify high-value transactions and curb possible tax evasions.

What is SFT ? SFT (Specified Financial Transactions) or (Statement of Financial Transactions), is report filed by 'specified persons' under Section 285BA of Income Tax Act, 1961 which record transactions exceeding threshold limit including investment and expenditure done by taxpayers in FY.

Due Date to File Form 61A If the assessee continues to default by failing to respond to the notice, he or she will be fined Rs 500 for each day of default. The penalty will be calculated as of the end of the date that is specified in the notice.

The Income-tax department requires companies to submit a statement of Specified Financial Transactions (SFT). SFT reporting is mandatory for certain reporting entities from Finance Act 2014 by introducing section 285BA followed by additions made in Finance Act 2020 through notification no. 16/2021, dated 12-03-2021.

Specified person required to submit SFT Credit card payments made by any person either in cash or by any other mode in a FY. Transaction value or valuation of stamp duty authority referred in Section 50C for an amount of Rs 30 lakhs or more.

Form 61A is a statement of Specified Financial Transactions that needs to be submitted by a notified taxpayer for the applicable financial year. Form 61A is generated under Section 285 BA of Income Tax Act, 1961 read with Rule 114E of Income Tax rules, 1962.

How To File Form 61A On The Income Tax Portal? Step 1 - Form 61A download can be done from the income tax portal (incometaxindia.gov.in). ... Step 2 - After Form 61A download, fill the form out and save it, because you are going to upload it to the portal again. Step 3 - Visit the income tax portal.