rajkot branch of wirc of icai · '[email protected]' fri 19-05-2017...

24th May 2017CA. Darshak M. Thakkar

Rajkot

Reporting requirements under SFT (Statement of Financial Transactions)

RAJKOT BRANCH OF WIRC OF ICAI

By CA Darshak M Thakkar

Statement of Financial transactions - Form 61A filin g & Submitting "SFT Preliminary Response" '[email protected]'

Fri 19-05-2017 20:00

To:[email protected] <[email protected]>;

Dear ABC

Statement of Financial transactions (SFT) should be filed by all reporting persons covered under Rule 114E of Income-tax Rules, 1962. Due date for filing the same in Form 61A is 31st May 2017. Detailed procedure of ITDREIN registration and upload of Form 61A is available under the "Help" section and updated Form 61A utility and Schema are available under the download section of http:/ /www.incometaxindiaefiling.gov.in/ and https:/ /www.cleanmoney.gov.in/

You are requested to submit the "SFT Preliminary Response" under compliance section post login to eFiling portal.

Online filing of form 61A requires a valid class 2 or 3 digital signature certificate of responsible person filing the same. Please refer "DSC Management Utility" manual under help section on how to generate the signature file, attaching the XML with signature and uploading of XML with signature file in eFiling portal.

Please ignore this mail if already done.Thanks & Regards, e-Filing Team


285BA Obligation to furnish statement of financial transaction or reportable account

• responsible for registering, or, maintaining books of account or other document containing a record of any :

specified financial transaction orreportable account

• shall furnish a statement in respect of such specified financial transaction or such reportable account

• Assessee• Office of Government• Local authority / public body /

association• Registrar or Sub-Registrar • Registering authority empowered

to register motor vehicles • Post Master General • Collector• Stock exchange• Officer of the Reserve Bank of

India• Depository• Prescribed reporting financial

institution


of purchase, sale or exchange of goods or property

for rendering any service

under a works contract

by way of an investment made or an expenditure incurred

for taking or accepting any loan or deposit

Transaction


statement furnished is defective -rectifying defect within 30 days from date of intimation or within such further period which, on an application made in this behalf

if defect not rectified within 30 days or further period -such statement shall be treated as invalid statement

suo moto rectification within 10 days


Notifications

• Notification No. 95/2015 dated 30.12.2015

• Notification No. 13 of 2016 dated 30.12.2016

• Notification No. 1 of 2017 dated 17.01.2017


Rule 114E - Furnishing of statement of financial transaction

• Form 61A• statement of transactions• registered or recorded on or after 1.04.2016• File before 31 st May• Post Master General / Registrar / Inspector

General– may furnish in a computer readable media,

alongwith verification in Form-V on paper


Aggregation Rule – Rule 114E(3)

Applicable for all transaction types except1. Purchase or sale of immovable

property (10)2. Cash payment for goods and services

(11)


Aggregation Rule (Contd.)Reporting person shall, while aggregating amounts for determining threshold amount for reporting in respect of any person

(a) take into account all accounts of same nature maintained in respect of that person during the financial year;

(b) aggregate all transactions of same nature recorded in respect of that person during the financial year;

(c) attribute entire value of transaction or aggregated value of all transactions to all persons, in a case where account is maintained or transaction is recorded in name of more than one person;By CA Darshak M Thakkar

Different Transaction Types under SFT– SFT- 001: Purchase of bank drafts or pay orders in cash– SFT- 002: Purchase of pre-paid instruments in cash– SFT- 003: Cash deposit in current account– SFT- 004: Cash deposit in account other than current account– SFT- 005: Time deposit– SFT- 006: Payment for credit card– SFT- 007: Purchase of debentures– SFT- 008: Purchase of shares– SFT- 009: Buy back of shares– SFT- 010: Purchase of mutual fund units– SFT- 011: Purchase of foreign currency– SFT- 012: Purchase or sale of immovable property– SFT- 013: Cash payment for goods and services– SFT- 014: Cash deposits during specified period

A Reporting Entity is required to furnish separate Form 61A for each transaction typeBy CA Darshak M Thakkar

Format of ReportForm No.61A

Part A

Statement Details

Part B

(Person Based Reporting)

Part C

(Account Based Reporting)

Part D

(Immovable Property

Transaction Reporting)

Common to all transaction

types

Report level information (depending on transaction type


Relevant Part of Form 61A to report SFTTransactionType CorrespondingPart of Form No.61Ato be fil edSFT- 001: Purchase of bank drafts or pay orders in cash

Part B (Person Based Reporting)

SFT- 002: Purchase of pre-paid instruments in cash

Part B (Person Based Reporting)

SFT- 003: Cash deposit in current account Part C (Account Based Reporting)

SFT- 004: Cash deposit in account other than current account

Part C (Account Based Reporting)

SFT- 005: Time deposit Part B (Person Based Reporting)

SFT- 006: Payment for credit card Part B (Person Based Reporting)

SFT- 007: Purchase of debentures Part B (Person Based Reporting)

SFT- 008: Purchase of shares Part B (Person Based Reporting)

SFT- 009: Buy back of shares Part B (Person Based Reporting)

SFT- 010: Purchase of mutual fund units Part B (Person Based Reporting)

SFT- 011: Purchase of foreign currency Part B (Person Based Reporting)

SFT- 012: Purchase or sale of immovable property Part D (Immovable Property Transaction Reporting)

SFT- 013: Cash payment for goods and services Part B (Person Based Reporting)

SFT- 014: Cash deposits during specified period Part C (Account Based Reporting)By CA Darshak M Thakkar

Statement Type

One Statement can contain only one type of Statemen t.

Values for Statement Type

NB

New Statement containing New

Information

CB

Correction Statement containing corrections

for previously submitted information

ND

No data to report


Statement Number and Statement ID

** In case the Statement is new and unrelated to any previous Statement, ‘0’ will be mentioned in the element ‘Original Statement ID’ .

Statement Number

Statement Number is a free text field capturing the sender’s unique identifying number (created by the sender) Example of statement number is 2016/01

Statement ID

After successful submission of the Statement to ITD, a new unique Statement ID will be allotted for future reference

Original Statement ID

In case the correction statement is filed, statement ID of the original Statement which is being corrected should be mentioned in the element ‘Original Statement ID’


Report Serial Number

Report Serial Number

The Report Serial Number shouldbe unique within the Statementand would help identify reportssubmitted to ITD.

Original Report Serial Number

The Report Serial Number of the original report that has to be replaced or deleted should be mentioned in the element ‘Original Report Serial Number’.

In case there is no correction of any report, ‘0’ will be mentioned in the element ‘Original Report Serial Number’.


Receipt of cash payment exceeding two lakh rupees for sale, by any

person, of goods or services of any nature (other than those specified at Sl. Nos. 1 to 10 of this rule, if any.) -Any person who is liable for audit

under section 44AB of the Act


Certain situation

• Whether reporting in Form 61A is on receipt of payment

• Cases covered u/s 44AD• NIL statements• Rs. 2 L whether aggregate or individual


PROCESS


Income-tax Department Reporting Entity

Identification NumberITDREIN

PAN.


GUESS !!!


UTILITY


ITD_EFILING_FORM61A_PR1.jar


rajkot branch of wirc of icai · '[email protected]' fri 19-05-2017...

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