Form 61

Form 61 is simply a document comprising declaration information provided in Form 60. This Form contains basic details of applicants name, particulars of the transaction, details of the documents which is filled up and duly signed by the applicant.

What is Form 61?

Form 61 should be submitted by an individual whose income is only obtained by agricultural department or from any employment and who does not earn any kind of income taxable unless inferred from the transaction mentioned in the a-h clauses under the law of 114b. This Form is published by the Income Tax Department of India under the jurisdiction of Central Board of Direct Taxes.

How Does it Look Like?

What is the Use of Form 61?

The declaration shall be made in this Form at any period when any of the transaction mentioned were entered into and sent to the person involved as stipulated in Rule 114(2) along with one of the documents mentioned in the Form as a proof of address.

• At the time of deposit exceeding Rs 50,000 at any bank.
• At the time of deposit exceeding Rs 50,000 at post office.
• At the time of sale or purchase of the resident property worth of Rs 5 lac or above.
• At the time of sale or purchase of vehicle excluding 2 wheelers.
• At the time of opening a new account at any bank
• At the time of dining bills worth of Rs 25,000 or more
• At the time of filling the application in order to avail telephone connection.
• At the time of contract for the selling or purchasing of securities exceeding Rs 10 lacs.
• At the time of availing new debit or credit card
• At the time of travelling to abroad if the cost exceeds Rs 50,000
• At the time of opening D-mart account
• At the time of buying mutual funds worth of Rs 50,000 or above.
• Getting bonds or security worth of Rs 50,000 or above
• At the time of Life Insurance Premium if the amount exceeds Rs 50,000 in a financial year.
• Buying or selling goods worth of Rs 2,00,000 per transaction
• Trading in securities worth of Rs 1,00,000 per transaction

Documents Require to Fill Form 61

• Aadhar Card
• Driving License
• Voter id card
• Utility Bills of the last 3 months
• Ration card
• Passport
• Document having the residential address of the claimant issued by the State or Central Government.

How to Submit Form 61

In order to submit Form 61 applicant must be conscious of the details while filling.

Form 61 can be accessed online as well as offline. The details must be relevant to the document provided. Applicants are advised to review the details before submitting the form. Give below are some glimpse of the details that have to be fill-up by the applicant.

How to Apply Form 61 Through Offline

• Full name of the applicant as per the identity documents
• Resident address of the applicant
• Date of birth
• Father's name
• Valid mobile number
• Details and amount of the transaction
• Details of the application and acknowledgement number of PAN if not received by the applicant
• The applicant has to sign in the verification mentioned in the form and declare that the given information is correct to the best of their knowledge.

How to Apply Form 61 Online

Applying for Form 61 is a simpler procedure than can be filled up by all the applicant

Form 61 to be filled on e-filing portal after generating ITDREIN (Income Tax Department Reporting Entity Identification Number).

ITDREIN is a 16 character identification number in the format XXXXXXXXXX.YZNNN where:

XXXXXXXXXX stands for PAN/TAN of the reporting entity.
Y stands for the code of Form code

Z- Code of reporting entity category for Form code.

NNN- Code of sequence number

Submission of Form 61

Form 61 must be forwarded to the Director of Income Tax or the Joint Director of Income Tax by uploading electronic data pr database for the same. After the submission, an acknowledgement number will be alloted to you.

Due Date of Furnishing Form 61

Form 61 has to be received during 1st April to 30th September the due date for the declaration is 31st October of the same year.

If Form 61 is received from 1st October to 31st March the due date for the declaration is 30th April of the following financial year in which Form 61 is received.

Difference Between Form 60 and Form 61

Form 60 is the official document issued by the Income Tax Department for those individuals who doesn't possess PAN Card but wishes to enter into the financial transaction under rule 114B. Applicants who do not have General Index Register Number but willing to transact in cash will have to submit Form 60.

Form 61 should be submitted by an individual whose income is only obtained by the agricultural department or from any employment and who does not earn any kind of income taxable. Income holder from the agricultural department who are willing to participate in the financial transaction is mandated to submit Form 61 under rule 114B.

FAQs

Q1: Can a minor fill Form 61?

Ans: Yes, minor is required to fill Form 60 is he/she is involved in the transaction under the rule 114B or else the minor can quote PAN of his family members or guardians.

Q2: Why is Form 61 needed?

Ans: Form 61 is mandated to those applicants who have agricultural income and does not earn any income taxable.

Q3: How do I register with SFT?

Ans: If the applicant has already registered in e-filing portal log-in and go to my account section and click on Manage ITDREIN.

Now click on Generate new ITDREIN

Select Form type and reporting entity category and click on Generate ITDREIN

Now you are successfully registered with SFT.

Q4: What is an SFT?

Ans: Securities Financing Transactions are the transactions where securities are used to borrow cash.