Dear Sir,

Yesterday, we have received the email from Income Tax Compliance for Registration for Form 61B on reporting portal.

As per Section 285BA of the Income Tax Act read with rule 114G & 114H of Income Tax Rules 1962, prescribed reporting financial institutions are required to furnish Statement of Reportable Accounts in Form No. 61B. The statement of Reportable Account shall be furnished on or before the 31st May, immediately following the calendar year in which the transaction is registered or recorded.

Statement of Reportable Accounts in Form No. 61B for the reporting period from 1st January to 31st December, 2019 were required to be furnished by the due date of 31st May, 2020, has been extended to 31st March 2021.

Our company is NBFC and we work in mutual funds and equity shares.
In our other companies, we also deal in mutual funds and equity shares,
so does this act apply to them as well?

My queries is, to whom is this Form 61B applicable?

Please advise your valuable response in above issue.

Thanks & regards
N Kadam

Dear Sir,
Greetings!
I have one question. Suppose we issue a invoice of Rs. 1,00,000/-, GST @18% - Rs. 18,000/- & TCS on Gross amount of Rs. 88.50. Net value of Invoice - Rs. 1,18,088.50
Now, please let us know, which amount should we mention in GSTR 1 (whether 1,18,000 or 1,18,088.50) ?
and please also let us know, which is most reliable to charge TCS on sale invoice or issue debit note ?
Regards / Vijay

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Regards,
Paul

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