As per rule 114E of the IT rules 1962, a Reporting Entity is required to file a statement of financial transaction in form 61A. A Reporting Entity has to report specified SFT reportable transactions of the nature specified in this rule for the relevant financial year on or before 31st of May immediately following the financial year. Late fee for filing this is ₹ 500 per day.
A new reporting portal by the income tax department has been designated to ensure these filing under this provision. For your convenience we have mentioned below three transactions which are applicable in case of Private Company, where such transaction have taken place for period between April 2019 to March 2020:
|S. No.||Class of person (reporting person)||Nature and value of transaction|
|1||A company or institution issuing bonds or|
|Receipt from any person of an amount aggregating to ten lakh rupees or more in a financial year for acquiring bonds or debentures issued by the company or institution (other than the amount received on account of renewal of the bond or debenture issued by that company).|
|2||A company issuing shares.||Receipt from any person of an amount aggregating to ten lakh rupees or more in a financial year for acquiring shares (including share application money) issued by the company.|
|3||Any person who is liable for audit under|
section 44AB of the Act.
|Receipt of cash payment exceeding two lakh rupees (per transaction) for sale, by any person, of goods or services of any nature.|
Please let us know if any such transactions have been carried out during Financial Year 2019-20 and reporting under this is required.
Our team of experts will be happy to assist you in making the necessary filing of form 61a.
Please note, inaccurate filing of this statement may attract a penalty of ₹50,000.
Our professional fees for filing this compliance form shall be ₹6,000 plus gst