The Rule
We all know that
New Rule 114E of the income tax rules requires all assessees liable for tax audit u/s 44AB will have to file statement of financial transactions in Form 61A, in case of receipt of cash payment exceeding of Rs. 2,00,000/for sale of goods/services of any nature.
Who must check ?
Anybody with Business Turnover Over Rs 2 Crores p.a.
Which transactions are relevant for normal Businesses ?
a) Issue of Share capital over Rs 10 lakh in that year to any body
b) Sale of Goods / Services to anybody for Rs 2 lakh or more and payment received in Cash
c)
When is this return required to be filed ?
This is an Annual Return. So required once a year only
When is due Date ?
This is to be filed between 1st April and 31st May every year. This year it will be filed by 31st May 2017
How is it filed ?
This is to be E-filed and Using Digital Signatures
Details / Refer to Manuals hosted on
http://taxguru.in/income-tax/submission-statement-financial-transactions-sft-form-61a.html?
http://www.casansaar.com/articles-Income-Tax/Filing-of-Statement-of-Financial-Transaction-SFT-us-285BA-Form-61A/3335.html?
Doubts about NIL Return
Some CA’s and professionals seem to be under doubt if NIL SFT is to be furnished.
Please note that filing of NIL SFT is not envisaged in the Notification issued in this regard.
Filing SFT is obligatory only if there are any reportable transactions and not otherwise.
Consequences for non Compliance : Penalty Section 271FA
Case 1 : Filed Late : Rs 100 per day of delay, unlimited period till it is filed
Case 2:
Penalty for Wrong information given ?
Yes, a penalty of Rs 50000 can be imposed for Wrong Filing.
Governments Clarification :
a) The transactions need not be Aggregated: They are Rs
Data required
Name address and PAN of that person
Nature of Transaction
Value of the Specified Transactions in Year FY 2016-17
