form 61A

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ARPIT PATEL

ARPIT PATEL (Querist)
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20 May 2017 what is form 61A and which type of persons covered under it what is the due date

Sunil Sharma

Sunil Sharma (Expert)
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20 May 2017 if in case of individual then those who are eligible for Tax audit under 44ab of IT act

ARPIT PATEL

ARPIT PATEL (Querist)
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20 May 2017 don't know csn any one tell me??

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Sunil Sharma

Sunil Sharma (Expert)
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21 May 2017 it's already shared. who is eligible then what you want to know exactly. .?

Asha Kanta Sharma

Asha Kanta Sharma

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25 July 2024 Form 61A, also known as the Annual Information Return (AIR), is a mandatory statement that certain specified persons/entities need to file with the Income Tax Department of India. It requires reporting of specified financial transactions to curb tax evasion and promote transparency. Here are the key details:

### Persons Covered under Form 61A

Form 61A is applicable to the following persons/entities (assessee):

1. **Banking Companies**: Includes cooperative banks, regional rural banks, and other banking institutions.

2. **Financial Institutions**: Includes entities engaged in financial activities such as insurance companies, mutual funds, etc.

3. **Companies**: All companies, whether public or private.

4. **Firms**: Including LLPs and partnership firms.

5. **Individuals**: Professionals such as chartered accountants, lawyers, doctors, etc., who are subject to tax audit under section 44AB of the Income Tax Act.

6. **Any other person**: Notified by the Income Tax Department to file Form 61A.

### Due Date for Filing Form 61A

The due date for filing Form 61A is typically on or before 31st May of the assessment year following the financial year in which the specified financial transactions were undertaken. For example:

- For transactions conducted during the financial year 2023-24 (1st April 2023 to 31st March 2024), the due date to file Form 61A would be on or before 31st May 2024.

### Specified Financial Transactions

Form 61A requires reporting of various types of specified financial transactions, including:

- Cash deposits or withdrawals above certain thresholds.
- Purchase or sale of immovable property above specified limits.
- Investments in financial instruments like shares, bonds, etc., above specified thresholds.
- Payments made to credit card exceeding specified limits, etc.

### Compliance and Penalties

Non-filing or incorrect filing of Form 61A can attract penalties under the Income Tax Act. It is essential for the covered entities to ensure timely and accurate reporting to avoid penalties and comply with regulatory requirements.

### Conclusion

Form 61A serves as a tool for the Income Tax Department to gather information about high-value financial transactions, enhancing transparency and compliance in the taxation system. Covered entities need to be aware of their reporting obligations and adhere to the specified due dates for filing to avoid penalties and legal consequences.