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# noncompliance

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Income tax

Form 61A: Statement of Specified Financial Transactions (SFT) Under Section 285BA of the Income Tax Act, 1961

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.