Filing of form 61A SFT

Form 61A, also known as the Annual Information Return (AIR), is a document filed under Section 285BA of the Income Tax Act, 1961 in India. It’s used to report specific high-value financial transactions to the Income Tax Department. The aim is to gather information on certain transactions to curb tax evasion and ensure tax compliance.

Key points about Form 61A:

1. Information Reporting: Financial institutions, banks, and specified entities are required to furnish information about certain transactions exceeding specified thresholds.

2. Transactions Covered: Form 61A captures details of various financial transactions, including:

   • Cash deposits or withdrawals above a specified threshold in a financial year.
   • Purchase or sale of immovable property.
   • Purchase or sale of shares, mutual funds, bonds, debentures exceeding a specified value.
   • Credit card payments, etc.

3. Threshold Limits: The reporting requirements have specific thresholds beyond which transactions need to be reported. These thresholds may vary based on the nature of the transaction.

4. Filing Period: The information for Form 61A needs to be reported annually within the prescribed due date.

5. Compliance: Entities required to file Form 61A need to ensure accurate reporting of the specified financial transactions to comply with the Income Tax Act.