Form 61A, or the Annual Information Return (AIR), is essential for individuals and businesses in India. It mandates reporting high-value transactions to combat tax evasion and enhance financial transparency. Covering property sales, share dealings, and mutual fund investments, timely and accurate submission of Form 61A is crucial for regulatory compliance and a healthy financial environment.
Learn how to file Form 61A with the following step-by-step instructions:
Download Form 61A from the income tax portal (incometaxindia.gov.in)
Fill it out and save the document
Log in to the portal using your credentials (User ID, authorised PAN, or Aadhaar ID)
Navigate to the 'e-file' section and upload the saved Form 61A
The screen will display details like reporting entity PAN, form name, and reporting entity category
Attach a zip format of Form 61A along with your signature file
Click on the 'Upload' button
Once completed, a confirmation message with the upload status will appear on your screen.
Form 61A filing is mandatory for individuals falling into the following categories:
Company issuing shares
Non-banking Financial Companies (NBFCs)
Persons liable for audit u/s 44AB of the Income Tax Act, 1961
Listed companies purchasing their securities u/s 68 of Companies Act, 2013
Nidhi Companies referred u/s 406 of the Companies Act, 2013
Inspector-General / Registrar / Sub-Registrars appointed under Registration Act, 1908
Trustees of a Mutual Fund or such other person managing the affairs of the MF
Banking companies, co-operative banks or any other companies or institutions issuing a credit card
Let’s now take a look at the kinds of transactions recorded in the Form 61A, and the entities doing so:
Banking institutions and post offices that deposit over ₹10 Lakhs in one or more accounts
Banking and co-operative banking institutions that withdraw or deposit over ₹50 Lakhs (annually) from a current account
Banking and co-operative banking institutions that have cash payouts of over ₹10 Lakhs for purchase orders and demand drafts
Companies issuing shares of over ₹10 Lakhs (in a year) to individuals who wish to acquire shares
Companies or institutions issuing bonds and debentures of over ₹10 Lakhs (in a year) to individuals who wish to buy bonds or debentures
Share buy-backs of over ₹10 Lakhs of listed companies
Banks, post offices, and cooperative banks issuing credit card bills of over ₹10 lakhs annually
Dealers of foreign exchange for the sale of over ₹10 Lakhs worth of foreign currencies or expenses incurred
Managers or trustees of mutual funds who give mutual fund units of over ₹10 Lakhs to individuals
Inspector generals or sub registrars for the sale or purchase of immovable properties worth over ₹30 Lakhs
Individuals who are liable for audit for the sale of goods or rendering services worth ₹2 Lakhs
Follow these steps to file a tax audit on the income tax portal:
Download Form 3CD from authorised sources, prepare financial statements, and access the portal
Select the relevant assessment year, go to the e-File section, and choose ‘Income Tax Forms’
Complete Form 3CD offline, save it, and upload it on the portal
Digitally sign and verify the form through the e-filing portal
Submit the tax audit report with the necessary attachments for a comprehensive and efficient filing process
Yes, you can file your Income Tax Return (ITR) without a Chartered Accountant (CA). The income tax filing process is user-friendly, and various online platforms provide step-by-step guidance. You could utilise e-filing portals, where you can fill in the details, calculate tax liability, and submit your return independently.
Filing Form 61A is mandatory for specific categories. These include those who pay tax or any sum to the government, government officials, local authorities, registrars, postmaster generals, recognized stock exchanges, and reporting financial institutions.
The due date for filing Form 61A is typically on or before May 31st of the ongoing financial year.