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.

Steps to File Form 61A on the Income Tax Portal

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.

 

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Who Should Fill The Form?

Form 61A filing is mandatory for individuals falling into the following categories:

  • Co-operative Banks

  • Company issuing shares

  • Non-banking Financial Companies (NBFCs) 

  • Banking company

  • 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

Types of Transactions Recorded in Form 61A

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

FAQs

Follow these steps to file a tax audit on the income tax portal: 

  1. Download Form 3CD from authorised sources, prepare financial statements, and access the portal

  2. Select the relevant assessment year, go to the e-File section, and choose ‘Income Tax Forms’

  3. Complete Form 3CD offline, save it, and upload it on the portal

  4. Digitally sign and verify the form through the e-filing portal

  5. 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.

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