The Income Tax Department's heightened emphasis on high-value transactions is examined in this blog post. It looks at the motivations behind this decision, how it will affect people and businesses, and risk-reduction tactics.

Form 61A is a statement of specified financial transactions (SFTs) under Section 285BA of the Income Tax Act, 1961. It is used to capture information on certain high-value transactions as prescribed in the Income Tax Act. This blog post covers the details of Form 61A, the transactions that should be reported, the format of the form, and the consequences of non-compliance.