SFT Form 61A for Tax Audit Cases

STATEMENT OF FINANCIAL TRANSACTIONS
(SFT) – FORM 61A

APPLICABILITY OF SFT – FORM 61A:
Businessmen & Professionals – Liable for Tax Audit u/s 44AB of The Income Tax Act,
1961 for AY 2017-18 / PY 2016-17 have to file Form 61A reporting Cash Receipts
exceeding Rs.2,00,000/- for Supply of Goods or Services of any nature.

Due Date:
Due date for filing this form is 31.05.2017

FAQ:
Que. Cash receipts should be considered in aggregation or per transaction?
Ans. Aggregation of cash receipt is not required but for cash receipt in case of
particular one transaction, aggregation of all such cash receipt in part shall be
considered

Example: Transaction Invoice Cash Receipts Reportable
Situation Date Amount
Situation 1 5,00,000.00 1,90,000.00 Yes
11.11.2016 1,50,000.00 Yes
Situation 2 15.11.2016 10,00,000.00 1,60,000.00 Yes
17.11.2016 4,20,000.00 Yes
Situation 3 17.11.2016 1,80,000.00 4,00,000.00 Yes
20.11.2016 1,70,000.00 1,80,000.00 Yes
25.11.2016 1,50,000.00 No
28.11.2016 5,00,000.00 No
29.11.2016 No
01.12.2016

CA. CS. Nimesh R. Hariya
+91 94290 01217

Penalty:
Non-filing of form 61A shall be penalized u/s 271FA & 271FAA of The Income Tax Act,
1961

 If notice has not been received from Income Tax Department: Rs.100 per day
from due date of filing form i.e. 31.05.2017.

 If notice has been issued by Income Tax Department: Rs.500 per day from last
date of filing such form mentioned in the notice issued by the Income Tax
Officials.

 Providing inaccurate Particulars in the SFT shall attract penalty of Rs.50,000/-

Assessee with NIL Reportable Transactions:
It would be advisable to file even NIL form to avoid penalty, unnecessary notices &
inquiries from Income Tax department.

Applicability: Reportable Required to file or
Situation Assessee Liable to Tax Transaction not
Audit u/s 44AB
i.e. liable for TAX AUDIT Not Applicable Not Applicable
A No NIL No but advisable to
B Yes
Yes file preliminary
C Yes Yes response
D No Yes
No

CA. CS. Nimesh R. Hariya
+91 94290 01217