Wednesday, February 15, 2017

Procedure for registration and submission of Statement of Financial Transactions(SFT) i.e FORM 61A

Section 285BA of the incopme tax act, 1961 read with rule 114E of the income tax rules, 1962 specifies that SFT required to be furnished in FORM 61A. The nature and value of transactions to be furnished by the reporting person are mentioned under rule 114E. Steps involved for submitting FORM 61A- 
  • Registration and Generation of Income Tax Department Registered Entity Identification Number (ITDREIN)
  • Registration of designated director and principal officer
  • Submission of FORM -61A
  • Submission of correction statement

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