About Form 61A

Form 61A, also known as the Statement of Financial Transactions (SFT), is a crucial tax form. It's primarily for entities liable for audit under Section 44AB of the Income Tax Act, including banking companies, co-operative banks, and other financial institutions. While individuals and salaried persons don't file Form 61A directly, transactions reported via SFT will appear in their Form 26AS, which they should use when filing their Income Tax Return (ITR).