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of <h1>Rule 114E Requires Reporting Financial Transactions Over Thresholds in Form 61A by May 31 Annually</h1> The statutory provision Rule 114E under the Income Tax Rules, 1962, mandates the furnishing of a statement of financial transactions in Form No. 61A for specified transactions exceeding certain monetary thresholds. These transactions include large cash payments, deposits, withdrawals, and purchases of financial instruments, shares, and properties. The reporting entities include banks, post offices, companies, and mutual funds, among others. The statement must be submitted electronically by May 31 following the financial year, with specific deadlines for certain transactions. Designated Directors and Principal Officers are responsible for compliance, and digital signatures are required for submission.
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