Some individuals need to submit Form 61A to justify their High Value Transactions, you can track the status of this filing on the TIN-NSDL website. Entities such as Banks and other Financial Institutes are responsible to furnish certain transaction details through Form 61A (Annual Information Return). With an aim to curb black money and to track high-value transactions, the government has implemented new reporting guidelines. Therefore, “High valued transaction” of Individuals and Businesses are monitored u/s 285BA of The IncomeTax Act.
Track Form 61A Filing Status
Track Form 61A filing status using Tin-NSDL portal
- Visit the Tax Information Network Portal
Click on “Services” > and from the dropdown select “Annual Information Return“
- Select “AIR status view for filers“
From the Column on the Left
- Enter your PRN and valid TAN
Consequently, your AIR status will be available to you.
AIR can be furnished through Form 61A (Part B) in a digitized form in a CD/Floppy. While Form 61A (Part A) in a paper format duly signed.
A classification of a “High Value transaction” is based on the discretion of the bank or a financial institute. This transaction can be for an Individual or a Business. The Bank or any other Financial Institutes has to report the transaction with the registered PAN of that Person. Hence, ITD can come to know about your “High valued Transactions”
Yes, all filers have to quote their TAN while filing AIR in both Part A & B of Form 61A.