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File Statement of Financial Transaction in Form 61A to Avoid Penalty

File Statement of Financial Transaction in Form 61A to Avoid Penalty

by Sanjeev Archak

Has your company issued shares of more than 10 lakhs in FY 16-17? Has your company issued debentures/bonds of more than 10 lakhs in FY 16-17? Are you required to get your books audited under the Income Tax Act? Have you received cash in excess of Rs 2 lakhs from any person for sale of goods/services?

If the answer to any of these questions is a “YES”, then you shall be required to file a Statement of Financial Transaction (SFT) in Form 61A within 30.06.17.

The SFT has been introduced by the Income Tax Department to track high-value transactions. This statement has to be furnished by banks, professionals, fund houses, forex dealers, NBFC’s, companies issuing shares & debentures and listed companies buying back shares.

Salaried persons are not required to file this statement. It important to note that this statement has to be filed separately not tagged with Income Tax returns.

The penalty for delay in filing is Rs 100 per day of default. Penalty, on noncompliance to notice, is Rs 500 per day. The penalty for providing incorrect information in the statement in the statement is Rs 50,000.

For more information on the filing of Statement of Financial Transaction, talk to our experts at Integra Books.

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