Due date for filing Form 61A is 31st May, 2019
Dear Sir / Madam,
We would like to bring to your kind attention that due date for filing Form 61A for financial year 2018-19 is 31st May, 2019. In this regard, we would like to discuss on requirement of filing of Form 61A and other aspects.
We refer to reporting requirements prescribed under Indian tax law:
- Requirement of Filing of Form 61A – Statement of Specified Financial Transactions (SFT)
As per the provisions of section 285BA read with Rule 114E of the Income-tax Act, 1961, specified persons are required to report identified transactions by furnishing a statement of financial transaction (in Form 61A) by 31 May 2019. Accordingly, entities who have undertaken any of the following transactions during FY 2018-19, the details with respect to the same have to be furnished in Form 61A by 31 May 2019:
|Class of person (reporting person)||Nature and value of transaction||Applicability of Aggregation rule|
|A company or institution issuing bonds or debentures.||Receipt from any person of an amount aggregating to 10 lakh rupees or more in a financial year for acquiring bonds or debentures issued by the company or institution
(other than the amount received on account of renewal of the bond or debenture issued by that company).
|Aggregation rule is applicable|
|A company issuing shares.||Receipt from any person of an amount aggregating to 10 lakh rupees or more in a financial year for acquiring shares (including share application money) issued by the company.||Aggregation rule is applicable|
|Any person who is liable for audit under section 44AB of the Act.||Receipt of cash payment exceeding 2 lakh rupees for sale, by any person, of goods or services of any nature.
|Aggregation rule is not applicable|
- b.Preliminary response:
Preliminary response can be submitted by the reporting entities to indicate whether they have liability to file SFTs for current financial year. Reporting Entity may select any of the following option for each SFT code:
– Yes (Liable to file statement and having reportable transactions)
– Nil Transactions (No transaction to report) – If the transactions are there but which are less than the threshold limit.
Kindly go through and let us know for any clarifications/ help in this regard.