AIR Form 61A Income Tax

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) Purchase of Goods and Services, from anybody and PAN not mentioned on that, Value Rs 2 lakh or more.

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

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:  Non Filing : Rs 500 per day of delay, if the Government comes to know and again for unlimited period Due date to the date it is filed.

Penalty for Wrong information given ?

Yes, a penalty of Rs 50000 can be imposed for Wrong Filing.  under Section 271FAA

Governments Clarification :

a) The transactions need not be Aggregated: They are Rs 2 lakh per transaction

Source :

Data required

Name address and PAN of that person

Nature of Transaction

Value of the Specified Transactions in Year FY 2016-17

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