Form 61b - Income Tax

Form 61B is an Income Tax Statement of Reportable Account under sub-section (1) of section 285BA of the Income-tax Act, 1961. It is a form that financial institutions and specified persons are required to furnish to the income tax authorities, providing details of reportable accounts held by non-residents or foreign entities.

Financial institutions such as banks, custodian institutions, investment entities, and specified persons like individuals, Hindu Undivided Families (HUFs), companies, firms, and trusts are required to file Form 61B if they have reportable accounts held by non-residents or foreign entities.

A reportable account is any financial account maintained by a reporting financial institution, and is held by one or more reportable persons or is a passive Non-Financial Entity (NFE) with one or more controlling persons that are reportable persons.

Form 61B requires the reporting financial institution or specified person to provide details such as the name, address, and Taxpayer Identification Number (TIN) of the account holder, account number, account balance or value, and the total gross amount of interest, dividends, or other income credited to the account.

Form 61B must be filed on or before the 31st of May of the following year for which the information is being reported. For example, for the financial year 2022-23, Form 61B must be filed on or before 31st May 2024.

Form 61B can be filed electronically using the Income Tax Department's e-filing portal or by furnishing a computer-readable media (CD/DVD) containing the information in the prescribed format, along with a statement of concordance.

Failure to furnish Form 61B or providing inaccurate information can attract penalties under the Income-tax Act, 1961. The penalty can range from Rs. 100 per day for the duration of the default, up to a maximum of Rs. 500,000.

Yes, individuals who qualify as specified persons and have reportable accounts held by non-residents or foreign entities are required to file Form 61B, along with other financial institutions and entities.

No, there is no minimum account balance or value threshold specified for reporting accounts in Form 61B. All reportable accounts held by non-residents or foreign entities must be reported, regardless of the account balance or value.

Yes, Form 61B can be revised or corrected by furnishing a fresh statement for the same reporting period, along with a written statement explaining the reasons for the revision or correction.