961 by ‘specified persons‘ in respect of ‘specified transactions‘ registered or recorded by them during the financial year.
New Rule 114E of the income tax rules requires all assessees liable for tax audit u/s 44AB will have to file Specified 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.
Form 61AB is furnished in case of any transaction made by an individual/ corporation using products such as Debentures, Debit Card, Credit Card, Time Deposit, Shares bought back, Foreign Currency sale etc.
As per new rule following persons shall be required to furnish Specified Financial Transactions or reportable accounts registered or recorded or maintained by them during a financial year to the prescribed authority on or after 1st day of April, 2016
ITDREIN is the Unique ID issued by ITD which will be communicated by ITD after the registration of the reporting entity with ITD. The ITDREIN is a 16-character identification number in the format XXXXXXXXXX.YZNNN where
|XXXXXXXXXX||PAN or TAN of the reporting entity|
|Y||Code of Form Code|
|Z||Code of Reporting Entity Category for the Form Code|
|NNN||Code of sequence number.|
A Permanent Account Number or PAN is a unique 10 digit alphanumeric code which is provided to every taxpayer or assessee in the country. It is issued by the Income Tax Department and is a mandatory requirement for every entity indulging in economic activity beyond a certain financial limit in the country.
Purpose: PAN acts as a universal identification code for financial transactions
Laws which it accounts: Section 139 A of the IT Act of 1961
Tax Deduction and Collection Account Number or TAN is a unique 10 digit alpha numeric code whose primary purpo
Purpose: Streamline deduction and collection of tax at source
Laws which it accounts: Section 203A of Income Tax Act of 1961
The filer shall also quote the Permanent Account Number (PAN) of all persons in respect of whom the prescribed transactions has been registered or recorded by him, except:
In respect of cases to which third proviso to Rule 114B or sub rule (1) of Rule 114C applies, in which case he shall mention in the SFT as to whether Form No. 60 referred to in third proviso to Rule 114B or Form No. 61 referred to in clause (a) of sub rule (1) of Rule 114C, as the case may be, has been received; &
In cases of Government departments/consular offices in which case he will indicate so in the prescribed manner in the SFT.
In the case of transactions involving joint parties, the filer shall
If the share of each of the joint parties is specified and known, give separate line item for each party involved in the joint transaction and mention the separate transaction amount relating to that party; or
If the shares of the parties to the joint transaction are undefined, give particulars (except amount) of all the joint parties as separate line items and mention the transaction amount against the first named party alone.
The SFT-FVU will generate an upload file with the same filename as the ‘input file’ but with extension ‘.fvu’. (Example, ‘input file’ name is FORM61A.txt, the upload file generated will be FORM61A.fvu). This upload file is required to be furnished, either with the front offices of NSDL called TIN Facilitation Centres (TIN-FCs)
|Sr. No.||Type of Transacting Party||PAN||Form 60/61||Remarks|
|1||Government||Optional||NULL||File - Accepted|
|2||Non-Government||Valid||NULL||File - Accepted|
|3||Non-Government||NULL||Y||File - Accepted|
|4||Non-Government||NULL||N||File - Rejected|