-
April 13, 2023
How to file Form 61A of the Income Tax Act, 1961 online?
Introduction
Form 61A is a statement of financial transactions that need to be filed by certain entities as per the provisions of the Income Tax Act, 1961. This form is a mechanism to monitor and track high-value transactions conducted during a financial year. In this blog, we will discuss “What is Form 61A?”, “Who needs to file it?”, “How to file it online?” along with the due date of filing Form 61 A, and the consequences of non-filing of it.
What is Form 61A of the Income Tax Act, 1961?
It is a document required under the Income Tax Act, 1961, that mandates certain persons to furnish a statement of financial transactions to the Income Tax Department. The form contains details of financial transactions that have been undertaken by a person during a particular financial year. The purpose of this form is to help the Income Tax Department identify transactions that may not have been reported accurately by taxpayers.
Who needs to file Form 61A?
As per the Income Tax Act, 1961, any person or organization who is involved in certain high-value transactions during a financial year is required to file Form 61A. These entities include banking companies, cooperative banks, mutual funds, insurance companies, property registrars, and companies. Person has to file the form in the prescribed due date of filing Form 61 A.
Due date of filing Form 61 A
The due date for filing Form 61 A (statement of financial transactions) is 31st May of the assessment year. For example, for the financial year 2022-23, the due date of filing Form 61A would be 31st May 2023. It is important to note that failure to file this form on time can result in penalties and other consequences.
Consequences of non-filing Form 61A
Non-filing or delayed or not complying with the due date of filing Form 61 A (statements of financial transactions) can attract penalties under Section 271FA of the Income Tax Act, 1961. The penalty for non-filing or delayed filing of this form is Rs. 500 per day of default. However, the penalty amount cannot exceed the amount of the transaction that was not reported. In addition to penalties, non-filing or delayed filing of this form can also lead to scrutiny by the Income Tax Department and a higher chance of an audit.
Conclusion
In conclusion, Form 61A (Statement of financial transactions) is an important provision under the Income Tax Act, 1961 that requires specified entities to furnish details of financial transactions to the Income Tax Department. It plays an important role in promoting transparency and curbing tax evasion. The person is mandated to comply with the due date of filing Form 61 A.
File Income Tax Returns
Filing of Income Tax return is necessary if you have earned any income. File your ITR with EbizFiling at INR 1199/- only.
About Ebizfiling -
Reviews
Kunal Undirwade
04 Apr 2022I registered my company from Ebizfilling. I have had a great experience with them. Their services and work are very beautiful and understandable to everyone. At first I thought that these people would work or not and I was skeptical about how they would work properly. But here I was very much assisted by Divya Gehlot and Madam Sejal. I am very happy with the service / help provided by them and I wish them success in their endeavors. Also my best wishes to the entire Ebizfilling team
Rohit Chaudhary
23 Sep 2017Very good service and good support thank you ebizfiling.
Shailendra Ahire
10 Feb 2019The services are excellent. The staff was very helpful and professional. They explained the procedure and guided through every process and kept us informed of what was happening.
January 31, 2026 By Dhruvi D
Preparing and Filing Federal Tax Returns for US Taxpayers Introduction Filing federal tax returns is a yearly responsibility that many US taxpayers find stressful. The process often feels complicated because it involves multiple forms, deadlines, and rules that change […]
January 30, 2026 By Dhruvi D
Key Federal Tax Credits and Deductions for US Taxpayers Begin With, Many US taxpayers pay more tax than required simply because they are not aware of available federal tax credits and deductions. These benefits are designed to reduce tax burden, […]
January 27, 2026 By Steffy A
Federal Tax Administration in the USA Introduction Tax compliance in the United States is governed by the federal tax administration system, which is primarily managed by the Internal Revenue Service (IRS). Individuals and businesses earning taxable income in the […]