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form 61A

Thooya (Accountant) (170 Points)

03 November 2018

What are the conditions and eligibility to file form 61a?, in which situation it is mandatory?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (166288 Points)
Replied 04 November 2018

As per sec. 114E of IT act...

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.

As per Section 285BA out of the specified persons a person responsible for registering, or, maintaining books of account or other document containing a record of any specified financial transaction or any report able account, shall furnish a statement in respect of such specified financial transaction or such report able account which is registered or recorded or maintained by him and information relating to which is relevant and required for the purposes of this Act, to the income-tax authority or such other authority or agency as may be prescribed.

Report in form No. 61A in respect of specified Transaction is required to be submitted only if such books of accounts or other document contains a record of any specified financial transaction or any report able account. So in case there is no specified financial transaction or any report able account than Report in form No. 61A is not required to be submitted, but to stay on the safer side an assessee could consider filing the STF (Statement of Financial Transactions) or Form 61A.

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