RAJKOT BRANCH OF WIRC OF ICAI

Transcription

1 RAJKOT BRANCH OF WIRC OF ICAI Reporting requirements under SFT (Statement of Financial Transactions) 24th May 2017 CA. Darshak M. Thakkar Rajkot

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3 Statement of Financial transactions - Form 61A filing & Submitting "SFT Preliminary Response" 'DONOTREPLY@incometaxindiaefiling.gov.in' Fri :00 To:cadmthakkar@gmail.com <cadmthakkar@gmail.com>; Dear ABC Statement of Financial transactions (SFT) should be filed by all reporting persons covered under Rule 114E of Income-tax Rules, Due date for filing the same in Form 61A is 31st May 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 and 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

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8 285BA Obligation to furnish statement of financial transaction or 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 responsible for registering, or, maintaining books of account or other document containing a record of any : specified financial transaction or reportable account shall furnish a statement in respect of such specified financial transaction or such reportable account

9 Transaction 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

10 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

11 Notifications Notification No. 95/ 2015 dated Notification No. 13 of 2016 dated Notification No. 1 of 2017 dated

12 Rule 114E - Furnishing of statement of Form 61A financial transaction statement of transactions registered or recorded on or after 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

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20 Aggregation Rule Rule 114E(3) Applicable for all transaction types except 1. Purchase or sale of immovable property (10) 2. Cash payment for goods and services (11)

21 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;

22 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 type

23 Format of Report Form 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

24 Relevant Part of Form 61A to report SFT Transaction Type 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 CorrespondingPart of Form No.61Ato be filed Part B (Person Based Reporting) Part B (Person Based Reporting) Part C (Account Based Reporting) Part C (Account Based Reporting) Part B (Person Based Reporting) Part B (Person Based Reporting) Part B (Person Based Reporting) Part B (Person Based Reporting) Part B (Person Based Reporting) Part B (Person Based Reporting) Part B (Person Based Reporting) Part D (Immovable Property Transaction Reporting) Part B (Person Based Reporting) Part C (Account Based Reporting)

25 Statement Type Values for Statement Type NB New Statement containing New Information CB Correction Statement containing corrections for previously submitted information ND No data to report One Statement can contain only one type of Statement.

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

27 Report Serial Number Report Serial Number The Report Serial Number should be unique within the Statement and would help identify reports submitted 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.

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29 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

30 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

31 PROCESS

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34 Income-tax Department Reporting Entity Identification Number ITDREIN PAN.

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72 GUESS!!!

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77 GUESS!!!

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95 UTILITY

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99 ITD_EFILING_FORM61A_PR1.jar

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