OBLIGATION TO FURNISH STATEMENT OF FINANCIAL TRANSACTION OR REPORTABLE ACCOUNT UNDER PROVISIONS OF SECTION 285BA OF THE INCOME TAX ACT, 1961;
SECTION 285BA provides that any person, being
(a) An assessee; or
(b) The prescribed person in case of office of Government; or
(c) The Registrar or Sub Registrar appointed under provisions of Registration Act, 1908; or
(d) The Registering Authority appointed under Motor Vehicles Act, 1988; or
(e) The Post Master General under Indian Post Office Act, 1898; or
(f) The Collector referred to in Section 3(g) of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013; or
(g) The Recognized Stock Exchange as referred in Section 2(f) of the Security Contract (Regulation) Act, 1956; or
(h) An officer of Reserve Bank;
(i) A depository;
(j) A prescribed Reporting Financial Institution.
Who is responsible for registering, or maintaining books of account or other document containing a record of any 'Specified Financial Transaction' or any ' Reportable Account' as may be prescribed under any law for the time being in force, shall furnish a statement in respect of such 'Specified Financial Transaction' or any ' Reportable Account' which is registered or recorded or maintained by him information relating to which the relevant and required for the purpose of this Act, to the Income Tax Authorities or such other authority or agency as may be prescribed.
'SPECIFIED FINANCIAL TRANSACTION' defines as;
(a) Transaction of purchase, sale or exchange of goods or property or right or interest in a property; or
(b) Transaction for rendering any services; or
(c) Transaction under work contract; or
(d) Transaction by way of an investment made or expenditure incurred; or
(e) Transaction for taking or accepting any loan or deposit.
RULE 114E prescribed different values for different transactions referred above to be reported by the above referred person. The Statement should be furnished in such format, within such time and for such period as may be prescribed.
The Statement of 'Specified Financial Transaction' or any 'Reportable Account' should be furnished in FORM 61A and shall be verified in such manner as may be prescribed. The Table given below shows the 'Specified Financial Transaction' or any 'Reportable Account', the limit of the same and the authority, who is liable to report the same to the Income Tax or other Specified Authority;
|
Sl.No. |
Class of Person |
Nature and Value of Transaction |
|
(1) |
(2) |
(3) |
|
1. |
A Banking companies. Post Master Nidhi Companies NBFCs |
1. Cash deposits aggregating to Rs. 10 lakhs or more in a year in any savings account of a person maintained in that bank. 2. Payment made in cash for purchase of bank drafts or pay orders, banker cheques of an amount aggregating to Rs. 10.00 Lakhs or more in a Financial Year. 3. Payments made aggregating more than Rs. 10.00 Lakhs during the financial year for purchase of any instrument issue by Reserve Bank of India. 4. Cash Deposit or Cash Withdrawals (including through bearer cheques) aggregating Rs. 50.00 Lakhs or more in a Financial Year from one or more Current Account of the person. 5. One or more time deposits (other than a time deposit made through renewal of another time deposit) of a person aggregating Rs. 10.00 Lakhs or more in a financial year. 6. Payment by any person of an amount aggregating to; (a) One lakh rupee or more in cash or Against bills raised in respect of one or more Credit Cards issue to that person, in a financial year. |
|
2. |
A trustee of a Mutual Fund. |
Receipt from a person of an amount aggregating to Rs. 10.00 Lakhs or more in a financial year for acquiring units of one or more schemes of a Mutual Fund (other than the amount received to another scheme of that Mutual Fund) |
|
4. |
A company or institution issuing bonds or debentures and shares. |
1. Receipt from any person of an amount of Rs.10.00 lakhs or more for acquiring bonds or debentures issued by the company or institution. 2. Receipt from any person of an amount of Rs.10.00 lakhs or more for acquiring shares issued by the company or institution. 3. Buyback of shares from any person (other than the shares brought in the open market) for an amount or value aggregating to Rs. 10.00 Lakhs or more in a financial year. |
|
5. |
Authorized Person as referred to in Section 2© of the FEMA, 1999 |
Receipt from any person for sale of foreign currency including any credit of such currency to foreign exchange card or expenses in such currency through debit or credit card or through use of issue of travellers cheque or draft or any other instrument of an amount aggregating to Rs. 10.00 Lakhs or more during the Financial Year. |
|
6. |
Registrar or sub-registrar appointed under section 6 of the Registration Act, 1908. |
Purchase or sale by any person of immovable property for an amount of Rs. 30.00 Lakhs or more or valued by the Stamp Duty Authorities referred to Section 50C of the Income Tax Act. 1961. |
|
7. |
Any person who is liable for audit under Section 44AB of the Act. |
Receipt of cash payment exceeding Rs. 2.00 Lakhs for sale, by any person, of goods or services of any natures (other than those specified) |
The person required to furnish details in the Form 61A according to the provisions of Rule 114E, the same shall be furnished to the Director of Income Tax (Intelligence and Criminal Investigation) or the Joint director of Income Tax (Intelligence and Criminal Investigation) through online.
The income tax authorities, while checking the Statement found any defect, the same will be informs to the person furnishing details and same shall be rectified within a period of 30 days from the date of such intimation.
The Statement of Financial Transactions shall be furnished on or before the 31st May immediately following the financial year in which transaction if registered or recorded or as may be date prescribed by the Board.
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