Obligation to furnish statement of financial transaction or reportable account

Form 61A and Form 61B

Income Tax

Any person who is :

  1. An assessee
  2. Prescribed person in government office
  3. Local authority/public body/association
  4. Registrar or Sub-Registrar appointed under section 6 of the Registration Act, 1908
  5. registering authority empowered to register motor vehicles under Chapter IV of the Motor Vehicles Act, 1988
  6. Post Master General in clause (j) of Section 2 of Indian Post Office Act, 1898
  7. Collector referred to in clause (g) of section 3 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013
  8. recognised stock exchange referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956
  9. an officer of the Reserve Bank of India, constituted under section 3 of the Reserve Bank of India Act, 1934
  10. depository referred to in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996
  11. prescribed reporting financial institution
  12. a person, other than those referred to in clauses (a) to (k), as may be prescribed

and is responsible for maintaining books of account other document containing a record of any specified financial transaction or any reportable account as may be prescribed shall furnish a statement in respect of such specified financial transaction or such reportable account to the Income Tax authority/such authority as may be prescribed.

The Statement shall be furnished for such period within such time as prescribed.

‘’Specified financial transaction” means any—

  1. transaction of purchase, sale or exchange of goods or property or right or interest in a property; or
  2. transaction for rendering any service; or
  3. transaction under a works contract; or
  4. transaction by way of an investment made or an expenditure incurred; or
  5. transaction for taking or accepting any loan or deposit,

Provided that the Board may prescribe different values for different transactions in respect of different persons having regard to the nature of such transaction.

Furnishing of statement of financial transaction in Form 61A

Sr. No.
Nature and value of transaction
Class of person (reporting person)

For furnishing a statement of financial transaction under subsection (1) of section 285BA of the Act containing information relating to capital gains on transfer of listed securities or units of Mutual Funds, dividend income, and interest income, table herein shows the nature of transaction and reporting person

Form 61B: Statement of Reportable Bank account should have the information as specified in Rule 114G

Due Date of Form 61A and Form 61B: 31 May of every year 

Penalty: Non-furnishing of statement of financial transaction or reportable account will attract penalty under section 271FA. Penalty can be levied of Rs. 500 per day of default. IT authorities can also issue notices asking the assessee to file a statement within 30 days. Non filing within said period will attract a fine of Rs 1000 per day from 31st day of notice. For furnishing inaccurate statement of financial transaction or reportable account, reporting person liable to fine of Rs. 50,000/

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