Does an assessee needs to file form 61A if he is covered under tax audit although he has not entered into any specific transactions?

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VANGALA ADITYA 4 months 1 Answer 33 views 0

Answer ( 1 )

  1. ​Section 285BA of the Income Tax Act, 1961 requires specified reporting persons to furnish statement of financial transaction. rule 114E of the Income Tax Rules, 1962 specifies that the statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in Form No. 61A​. It is the not mandatory to file NIL statement of Financial Transaction (Form 61A). However, an assessee has to file preliminary response.

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