Who should File Form 61A?
Form 61A is the Annual Information Return under Section 285BA of the Income-Tax Act. To file this form properly it is important to check Rule 114E where you will find the guidelines for completing the document. Rule 114E is known as a specialized Furnishing of Statement of Financial Transactions in Form 61A. Our 61A must be filed by taxpayers who want to report their annual financial transactions.
What is Form 61A for?
The form is created for taxpayers for reporting their financial transactions on the annual basis. It is the key purpose of the document.
When is Form 61A Due?
You must complete this document by August 31st right after the end of the year when all financial transactions were made.
Is Form 61A Accompanied by Other Documents?
You may be required to attach some checks or receipts to confirm your transactions for the last calendar or financial year.
How should I Fill in Form 61A?
There are 2 parts in the form: A and B. In Part A you must provide the following information: name of the taxpayer, permanent account number, folio number of the taxpayer, address, status (individual, firm, company, banks, governmental office, others), financial year, address of jurisdictional director of income tax, general amount and value of transactions, medium of annual information return. This part also includes the verification where you confirm that all information that you provided is true.
Part B contains the details of all your payments. You will need to fill in the table and indicate the date of transaction, name and PAN of transacting party, address, mode of transaction, sum and transaction code.
Where should I Send Form 61A?
Provide the form to the Income Tax Department. Make sure the form is completed properly.