Filing of specified transactions details in Form 61A – Statement of Financial Transactions
Income Tax Department is sending mails for the requirement of filing of Statement of Financial Transactions in Form 61A.
Annual Information Return (AIR) has now been completely replaced by Statement of Financial Transactions Under Section 258BA read with Rule 114E.
Every person subjected to Audit under Section 44AB and finance companies, banks including co-operative banks are required to file a Statement of Financial Transactions. The statement shall be furnished in Form No. 61A and the due date for filing first such SFT is 31.5.2017.
Any person who is liable for audit under section 44AB of the Act is required to furnish in SFT-13 the Receipt of cash payment exceeding Rs. 2,00,000 for sale of goods or providing services. This limit of INR 2,00,000 has to be seen w.r.t individual transactions only. As Aggregation Rules for Form 61A does not apply to SFT-13 i.e. cash receipt for sale of goods or provision of services.
Penalties for Non Filing of Form 61A.
(a) In case a person does not File Form 61A on or before the due date i.e. 31sat May, 2017 then penalty @ Rs. 100 per day for the period of default.
(b) Further in such a case, Income Tax Dept. shall issue notices to such non filiers & order them to file Form 61A. If Form 61A is not filed after that, penalty @ 500 per day shall be leviable for any further delay.
(c) Penalty @ 50,000 shall be levied if the person liable to file Form 61A furnishes inaccurate/untrue particulars.
Penalty on delay is Rs. 100 per day, if notice not received, else upto Rs 500/ day. Filing of inaccurate information will attract penalty of Rs 50,000.
Format of Form 61A:-
- Sl. No.
- Date of Transaction (DD-MM-YY)
- Name of Transacting Party (in block letters)
- First Name
- Middle Name
- Surname (In case of non-individuals, full name be written. Leave one blank box between two words)
- PAN of Transacting Party
- Full Address (in block letters. Leave one blank box between two words)
- Flat No.;
- House/Premises No.;
- Floor No.;
- Building Name;
- State Code;
- Pin (Refer to State Code in Instructions)
- Mode of transaction (Cash-C, Cheque-Q, Card-R, Demand Draft-, Others-O)
- Amount in Rs. (Rounded off to nearest Rupee)
- Transaction Code
- Address of Office/Branch of person (responsible for furnishing the Annual Information Return) where transaction took place