What is the use of new reporting portal developed by income tax deprtment for whom this portal is applicable?
Who need to report in this portal. what is the eligilbilty. If any one knows please share your experience.
Thanks
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New portal in income tax website- reporting portal
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Reporting Portal is an online facility made available to Reporting entities to register with the Income Tax Department and consequently submit the statements in prescribed format.
Reporting Entity/person is an entity which is required to furnish a Statement of Financial Transaction (in Form 61 A) or Statement of Reportable Account (in Form 61B) with the Income tax Department as per the provisions of section 285BA of the Income-tax Act 1961.
Also, Under Rule 114D of IT rules 1962, any entity/person receiving Form 60 is required to report details of Form 60 in Form 61.
With effect from 9th April 2018, registration, statement upload and all other facilities for Form No. 61, 61A and 61B have been migrated from e-filing portal to the Reporting Portal (https://report.insight.gov.in)
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