Preparation of Reports and submission in Form 61A

Reporting Format:

Statement of Financial Transactions (SFT) Relevant Format:

Identification of Reportable Transactions

Aggregation Rule

Aggregation of amounts for determining the threshold amount for reporting
- All accounts of the same nature in respect of a person during the financial year
- All transactions of the same nature in respect of a person during the financial year
Attribute the entire value of the transaction or the aggregated value of all the transactions to all the persons (if in name of more than one person)

* Aggregation is applicable for all transaction types except

SFT- 012 (Purchase or sale of immovable property)
SFT- 013 (Cash payment for goods and services)

Statement Type

NB: New Statement containing New Information

CB: Correction Statement containing corrections for previously submitted information

ND: No data to report

One Statement can contain only one type of Statement

Multiple New Statements can be filed for a reporting period

Statement Number, Statement ID & Report Serial Number

Statement Number

Statement Number is a free text field capturing the unique identification number for any statement sent by reporting entity
The identifier allows both the entity and ITD to identify the specific Statement later if questions or corrections arise.

Statement ID

Upon successful validation checks on uploaded statements, a new unique Statement ID is generated for future reference.

Report Serial Number

Uniquely represents a report within a Statement.
Report serial number along with Statement ID, uniquely identify any report received by ITD

Report Generation and Validation Utilities

Resources’ section on Reporting Portal (https://report.insight.gov.in)

Prerequisites for the Utility
- Operating System : Windows 7.1 and Above
- Java Runtime Environment (JRE) version 1.8 Update 101 or later available at https://java.com/en/download/
Running the Utility
- Extract the downloaded file to the folder using tools like WinZip or WinRAR
- Go to the folder where the contents of the Utility have been extracted and click on jar file. It displays the General Instructions window

Preparation of Report

Select SFT Code

Select the relevant SFT Code
Based on selected SFT Code relevant part will be displayed (Part B, Part C, Part D)

Enter Statement Details – Part A

Part A contains the details of Reporting Entity, Statement and Principal Officer.

Enter Report Details

There are two ways to enter the data:
- Enter the data in the utility itself
- Import data CSV

Import Report Details (1/3) – Export CSV Template

Export CSV to be filled with reportable data
Select CSV type as ‘Report Details”
For multiple transactions or addresses against a particular PAN or account, use CSV type “Address” and “Financial transaction”.

Import Report Details (2/3) – Populate CSV with Data to be Reported

Import Report Details (3/3) – Import Populated CSV file

Bulk reports can be captured by importing CSV

Validation of Report

Validate the Statement

Validation errors will be displayed in right panel

Defects & Exceptions

Defects
- Defects are those which render the record(s)/ statement invalid
- The reporting entity would be required to file the correction statement to rectify the defect
Exceptions
- Exceptions are those which would not result in the statement/report being rejected
- These only affect the quality of the data.
- However reporting entity should endeavour to rectify the exceptions

Rectify Validation Errors

It is mandatory to rectify the errors to generate the XML
Revalidate the statement once error are rectified

Generation of XML

In case of no error, successful validation message will be displayed
Generated XML file should have ‘.xml’ extension.

Generic Submission Utility

Generic Submission Utility enables users to digitally sign the statements and generate the secure statement package.
Key features
- Sign the XML
- Generate Secure Statement Package
- Upload Secure Statement Package
- View Uploaded Statements
- Download DQR

The Submission Utility is available under the “Resources” section of the Reporting Portal.

Preparation of Secure Statement Package

Select XML

Select statement XML prepared through report generation utility
XML file should be with “.xml” extension

Select Digital Certificate

Select relevant digital certificate to sign the statement
DSC should be connected to the system through USB while generating package

Sign the Statement

DSC of Class II or III, issued by CCA approved certifying agencies in India, should be used

Enter Password

Save Statement Package

Digitally signed Statement shall be saved with “.tar.gz” extension

Statement Upload Methods

Two Methods for Uploading Statement Package
- Reporting Portal
- through Submission Utility
Designated director of reporting entity can upload the statement
- Ensure that valid digital signature is registered with Income Tax Department on reporting portal

Statement Upload on Reporting Portal

Upload on Reporting Portal

Fill the upload form on reporting portal
In case of correction statement, additional field “Original Statement Id” will also appear

Manifest Validation

Form details should match with statement details (Part A)
Errors appearing in manifest check have to be rectified

Acknowledgement of Successful Upload

On successful upload, acknowledgement message will be displayed
Email will be sent to registered id along with transaction number
Upon successful validation (schema & file level checks) unique statement id will be generated

Submission status

Status of Submitted Statement