E Filing of form 61

1. Form 61 - Furnishing a Statement Containing
Particulars of Form No. 60
Section 139A(5)(c)
Income Tax Act, 1961
Read With Rule 114D, 114B & 114C
By:
Direct Tax Vertical
Asija & Associates LLP
Chartered Accountants
E-FILING OF FORM 61

2. CONTENTS OF PRESENTATION
 Overview
 Rule 114B & Form 60
 Rule 114C
 Rule 114D & Form 61
 Verification of Form 61
 Penalty of Non-compliance.
 Advisory on Impact & Compliance of the said Law by your
entity.

3.  In order to curb circulation of black money and widening of tax base, the Income-tax
Rules require quoting of Permanent Account Number (PAN) where the transaction
exceeds the specified limit.
 Any person who does not have a PAN and who enters into any transaction specified in
this rule, shall make a declaration in Form No. 60 giving therein the particulars of
such transaction either in paper form or electronically.
 Rule 114B specifies the transactions in which PERSONS entering into said transaction
shall quote his PAN in ALL DOCUMENTS pertaining to the specified transactions.
 Rule 114C cast the responsibility of VERIFICATION of PAN quoted in ALL
DOCUMENTS pertaining to transactions specified in rule 114B.
 Rule 114D specifies the TIME AND MANNER in which persons referred to in rule 114C
shall furnish Form 61 through online transmission of electronic data.
OVERVIEW

4.  Every person shall quote his PAN in all documents pertaining to the transactions
specified. Click here to view the complete list of transactions requiring PAN as specified
in Rule 114B.
 There are 18 Type of Transactions which are specified in Rule 114B, some of them are:-
 Sale or purchase of a motor vehicle or vehicle, other than two wheeled vehicles. – All
Transaction are Covered
 Payment to a hotel or restaurant against a bill or bills at any one time - Where
Payment is done in cash of an amount exceeding ₹ 50,000/-.
 Payment in connection with travel to any foreign country or payment for purchase
of any foreign currency at any one time - Where Payment is done in cash of an
amount exceeding ₹ 50,000/-. –
 Sale or purchase, by any person, of goods or services of any nature - Amount
exceeding ₹ 2,00,000/- per transaction
 Transaction related to bank, like Cash Deposit, DD making
AS PER RULE 114B

5.  Persons who do not hold PAN and have executed any of the transaction as specified in
Rule 114B are required to fill and provide Form No. 60 in Lieu of PAN.
 The declaration in Form No. 60 can be submitted either in paper form or
electronically under the electronic verification code).
 Form No. 60 has to be retained by the receipent for a period of 6 years.
 To view Form No. 60, Click Here
RULE 114B & FORM - 60

6.  Any person, who, in relation to a transaction specified in rule 114B, has received any
document: -
 In case of PAN, shall ensure after VERIFICATION that PAN has been duly and
CORRECTLY mentioned therein.
 In case of Form 60, they shall ensure that a declaration in Form 60 has been duly
furnished with complete particulars.
AS PER RULE 114C

7.  Every person referred in: -
 Rule 114C(1)(b) to (k),
 Rule 114C(2) who is required to get his accounts audited under section 44AB of the
Act
 And who has received any declaration in Form No. 60
 Shall furnish a ONLINE statement in Form No. 61 containing particulars of
declarations received in Form 60
 The time line for filing Form 61 is :-
 Form 60 received by the 30th September, be furnished by 31st October of that year;
and
 Form 60 received by the 31st March, be furnished by 30th April of next financial
year.
AS PER RULE 114D

8.  Non compliance of provisions of section 139A may lead to imposition of penalty of
₹10,000/- by the Assessing Officer.
 If a person who is required to quote his PAN in any document as per section 139(5)(c),
quotes a number which is knowingly false, a penalty of ₹ 10000/-, shall be imposed on
him.
 Any person making a false statement in Form 60 / 61 shall be liable to prosecution
under section 277 of the Income‐tax Act, 1961 and on conviction be punishable with
rigorous imprisonment which may extend from 3 months to 7 years with a fine.
PENALTY FOR NON-COMPLIANCE

9. S. No. Nature of Transaction Applicability Transactions Covered
1. Motor vehicle (other than
two wheeler)
Resident/
Non Resident
All Transactions
2. Opening an account (other
than time deposit)
Resident/No
n Resident
All new accounts other than Time deposit with a
banking company. Co-operative banks also to
comply
Basic Savings Bank Deposit Account excluded
(no PAN requirement for opening these accounts)
3. Credit card/Debit Card Resident Application to banking company including Co-
operative Banks/any other company/institution
for issue of credit card/ debit card
4. Demat Account Resident/No
n Resident
Opening a Demat account
5. Hotel/restaurant bill(s) Resident Cash payment exceeding ₹ 50,000 at any one
time
TRANSACTIONS LISTED IN RULE 114B

10. S. No. Nature of Transaction Applicability Transactions Covered
6. Foreign travel or purchase of
foreign currency
Resident Cash payment exceeding ₹ 50,000 at any one
time
7. Mutual fund units Resident/
Non Resident
Payment of ₹ 50,000/-or more for purchase
8. Debentures/ bonds Resident/
Non Resident
Payment of ₹ 50,000/-or more for acquiring
debentures/ bonds
9. RBI bonds Resident Payment of ₹ 50,000/-or more to RBI for
acquiring bonds
10. Deposits with a banking
company/Co-Operative
banks/banking institutions/
Post office
Resident/
Non Resident
• Cash Deposits exceeding ₹ 50,000/-in one
day , or;
• Cash Deposits aggregating to ₹2,50,000/
during the period 9th November, 2016 to
30th December, 2016
11. Cash purchase of bank
drafts/ pay orders/ banker's
cheques
Resident Amount in cash exceeding ₹50,000/- or more
during any one day
TRANSACTIONS LISTED IN RULE 114B

11. S. No. Nature of Transaction Applicability Transactions Covered
12. Time deposit with a banking
company/ Co-operative
Banks/ Post Office/ Nidhi
Companies/ NBFC only
Resident/
Non Resident
• Time Deposit exceeding ₹ 50,000/-or;
• Time Deposits aggregating to more than
Rs.5 lakhs during a financial year
13. Cash cards/ prepaid
instruments issued under
Payment & Settlement Act
Resident Cash payment aggregating to more than
₹50,000 in a year
14. Life insurance premium Resident/
Non Resident
Payment of ₹50,000/-or more in a year as
premium to an insurer
15. Sale or purchase of securities Resident/
Non Resident
Contract for sale/purchase of a value
exceeding ₹ 1 lakh
16. Shares of unlisted company Resident/
Non Resident
Purchase or sale of shares of an unlisted
company for an amount exceeding ₹ 1 lakh
per transaction
TRANSACTIONS LISTED IN RULE 114B

12. Sr. No. Nature of Transaction Applicability Transactions Covered
17. Immovable property Resident/
Non Resident
• Sale/ purchase exceeding ₹10 lakh; or
• Properties valued by Stamp Valuation
authority at amount exceeding Rs.10 lakh
18. Purchases or sales of any
goods or services other than
mentioned in SR No. 1to17
Resident Amount exceeding ₹2 lakh per transaction.
TRANSACTIONS LISTED IN RULE 114B

13. For a detailed discussion and professional advisory pertaining to the applicability and
compliance of the said provision of law by your entity,
fix an Appointment with our Direct Tax Vertical
CA Vasudha Jain
Asso. Director
(vasudha.jain@asija.in)
CA Ashish Kapoor
Partner In Charge
(ashish.kapoor@asija.in)
Email @ incometax@asija.in
Asija & Associates LLP
Chartered Accountants
Ph. no. : 0522- 4004652, 2205072
THANK YOU !

14.  This presentation has been prepared by our firm to provide a gist of the applicable law pertaining to the
quoting of PAN with respect to specified transactions as per Section 139(5)(c), read with Rule 114B to
114D of Income Tax Rules, 1962,
 For detailed insight and for better understanding of the various provision of the said law, the said
presentation should be read along with related provision of Income Tax Act, 1961.
 Neither our firm nor any partner or employee or article of our firm shall responsible for any decision
taken on the basis of the said presentation and without obtaining our professional guidance or
consultation on the matter for which reliance was made on this presentation.”
DISCLAIMER