How to File Form 61A Online? Applicability, Due Date & Process

Introduction

To file Form 61A online, specified reporting entities must report the Statement of Financial Transactions (SFT) under the Income Tax Act, 1961. It helps the Income Tax Department track high-value financial transactions recorded during a financial year.

With the implementation of the Income Tax Act, 2025 from 1 April 2026, Form 61A has been renumbered as Form No. 165 under the new framework. The reporting requirement continues, but the form number has changed under the new law.

In this blog, we will discuss what Form 61A is, who needs to file it, the due date for filing Form 61A, the online filing process, and the consequences of non-filing.

What is Form 61A of the Income Tax Act, 1961?

The Income Tax Department requires certain reporting entities to furnish details of high-value financial transactions through the Statement of Financial Transactions (SFT). This reporting requirement is prescribed under Section 285BA of the Income Tax Act, 1961 and is filed using Form 61A.

According to Rule 114E of the Income Tax Rules, 1962, specified reporting persons notified under Rule 114E are required to furnish Form 61A. The statement must be furnished in Form 61A under the Income Tax Act, 1961 and filed by the notified reporting person for the relevant financial year on an annual basis. Rule 114E also governs the type of transactions and their value that must be reported in the Statement of Financial Transactions.

Under the Income Tax Act, 2025, Form 61A has been renumbered as Form No. 165. While the reporting requirement continues, the prescribed form number has changed under the new law.

What are the Specified Financial Transactions?

The Specified Financial Transactions (SFTs) may include the following transactions, subject to the prescribed limits under Rule 114E:

• Cash deposits or withdrawals in bank accounts above the prescribed threshold.
• Credit card payments above the specified limit.
• Purchase or sale of immovable property.
• Investment in shares, bonds, debentures, or mutual fund units.
• Receipt of cash for sale of goods or services by persons liable for tax audit.
• Purchase or sale of foreign currency.
• Acceptance of deposits or repayment of loans above the prescribed limit.

The CBDT may prescribe different reporting thresholds for different classes of persons and transactions through notifications issued from time to time.

Who is Required to File Form 61A?

• A banking company or a cooperative bank
• A non-banking financial company (NBFC)
• Any institution issuing credit card
• Any person who is liable for audit under Section 44AB of the Income Tax Act, 1961.
• Post offices
• A Nidhi referred to in section 406 of the Companies Act, 2013
• A company issuing bonds or debentures
• A company issuing shares
• A mutual fund institution
• A company listed on a recognized stock exchange
• A trustee of a mutual fund or such other person as authorized by the trustee
• Authorized dealer, offshore banking unit, money changer or any other person defined in FEMA
• Inspector General or sub-registrar appointed under Registration Act, 1908.

Due Date to File Form 61A

The Statement of Financial Transactions (SFT) must generally be furnished on or before 31 May immediately following the financial year in which the transaction is registered or recorded.

A penalty under Section 271FA of ₹500 per day is levied for failure to furnish Form 61A within the prescribed due date. The Income Tax Department may issue a notice requiring the reporting entity to furnish the statement within 30 days. If the reporting entity still fails to comply within the specified period, the penalty increases to ₹1,000 per day from the expiry of the notice period.

If you receive a notice from the Income Tax Department for non-filing or delayed filing of Form 61A, you can refer to our guide on Income Tax Notice Response to understand the response process and compliance requirements.

However, certain SFT reporting requirements, such as transactions in listed securities or units of mutual funds, may be subject to different reporting timelines as prescribed.

Consequences of Non-filing Form 61A

Non-filing or delayed filing of Form 61A attracts a penalty under Section 271FA of the Income Tax Act. The penalty is ₹500 per day of default until a notice is issued by the Income Tax Department. If the reporting entity still fails to file the statement within the time specified in the notice, the penalty increases to ₹1,000 per day from the expiry of that period.

In case of inaccurate information or failure to correct reported information within the prescribed time, a penalty under Section 271FAA may also apply.

File Form 61A Online with Ebizfiling

Filing Form 61A requires accurate reporting of Specified Financial Transactions (SFT) and compliance with the prescribed Income Tax provisions. At Ebizfiling, our experts help reporting entities complete the filing process correctly and on time.

Our Form 61A Online Filing Services Include:

• Eligibility Assessment to determine whether your entity is required to file Form 61A.
• End-to-End Form Preparation based on your financial transaction details.
• Accurate SFT Reporting in accordance with Section 285BA and Rule 114E.
• Timely Online Filing to help you meet the statutory due date.
• Compliance Support for notices, corrections, and filing-related queries.

Along with Form 61A filing, Ebizfiling assists with TDS Return Filing, Tax Audit, PAN/TAN services, and Income Tax compliance to keep your business fully compliant.

Conclusion

When you file Form 61A, the Income Tax Department can track specified financial transactions reported by notified entities. Businesses that fall under the reporting requirements should ensure timely and accurate filing to avoid penalties and regulatory notices. Although Form 61A has been renumbered as Form No. 165 under the Income Tax Act 2025, the overall reporting requirement remains substantially the same. Timely compliance supports better record management, helps maintain tax compliance, and reduces the possibility of notices arising from non-reporting.

Frequently Asked Questions on Form 61A Filing