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Income tax online Reporting portal | Company Vakil

        

Income tax online is the initial organization by BNG Tax Consulting India (OPC)

Private limited. This organization is managed by professional tax consultants to take care of SMEs, individuals as well as assessees. Those who can’t afford the gain their services contact them to take care of their revenue tax problems. Income tax online is a subsidized service podium that provides revenue tax consultancy at an affordable price. They focus their attention on the needy in the society at large to help them conquer tax exorbitant demands and terrorism of the income tax draconian laws.

Income tax online services include helping their clients on;

Application for Advance Ruling, no deduction as well as lower deduction rates of TDs, rectification of tax mistakes, revision, and settlement of tax application forms. They can help in distribution of permanent account ID as well as allotment of TCS and TDS.

Reporting Portal

The Income tax online, org Reporting portal came into existence through the Income Tax dept. under “Project Insight Platform”   for providing a medium for interaction between the income tax dept. and the reporting entities. This write up is looking at the in depth features of the reporting portal as well as its applicability

Reporting entity

The “reporting entity” is that which is compulsorily commissioned to furnish the Statement of Financial Transaction as stated in Form 61A or the Statement of Reportable Account in structure 61B in connection to the Income Tax Department. Currently, through the official site of this department there is a statement that from the 9th of April 2018 and above, everything pertaining to the reporting entities such as registration, other facilities for the following Forms 60, 61, 61A and 61B, and, uploading of the statement should be handled via the reporting podium.

Some categories of these reporting entities include:

For Form 61 & Form 61A

  • Mutual Fund & NBFC
  • Post Office
  • Reserve Bank in India
  • Securities Intermediary Market
  • Insurer
  • Government
  • Co-operative financial Bank
  • Banking organization
  • Depository

Under Form 61B

The categories under the form 61B are as follows;

  • Special Insurance Company
  • Investment organizations
  • Custodial &Depository Institution

Merits of Reporting Portal

The following benefits are to be availed from the reporting portal over their e-filing portal:

  • Seamless quality control and data processing.
  • Data encryption aimed at high and improved security.
  • Seamless communication of information with the reporting entities.
  • General resources curriculum for energy building.
  • Reporting Entity Seamless compliance management.
  • Service-oriented help-desk support.

Registration of the Reporting Portal

There’s no special registration technique available on the Income tax online reporting portal. For access to this portal, here, the “reporting entities Principal Contact” ought to include the users via the revenue tax e-filing portal. Also to form a client on this reporting portal, a Principal Contact ought to initiate a registration process by navigating the Reporting-Portal link @ e-filing Portal below the tab “My Account”. This will enable the Principal Contact to identify this authorized person that is the Principal Officer as well as the Designated Director to enter the major information required in creating a user. When it is due for submission, the client’s ids & passwords are provided to the respective clients on a reporting portal. These users are allowed to login in onto the Reporting Portal through the communicated customer id & password.

The Forms that are Filed through the Reporting Portal

These forms ought to be filled through the reporting entities via the “reporting portal.”

Form 61

Filling of form 61 is mandatory for every entity to acquire the PAN from the transacting portal. Where this transacting party does not have a PAN, the client can go ahead to fill form 60. This should be filed personally by a transacting party. The total information concerning form 60 ought to be reported in form 61. This is to be done for the period of first October to the thirtieth of March in the thirtieth of April and then from 1st of October-30th September in the thirty-first of October.

Form 61A

The reporting firm ought to file the statement of a financial transaction in the Form 61A. This report under form 61 must be produced. This should be created by the firm for all the relevant financial year in 31st of May as soon as success is made in that particular assessment year.

Form 61B

The Form 61B is to be filed for implementation of FATCA which is the “Foreign Account Tax Compliance Act” and CRS, the “Common Reporting Standard”. The Reportable accounting records identified via these entities must be completely filed in the Form 61B for that calendar year by 31st May preceding the termination of that particular year’s calendar.

 

ITDREIN

This acronym “ITDREIN” is a sixteen (16) character identification number which is allotted by “Income Tax Department” to the Reporting organization for their reporting on the reportable transaction mainly of a particular kind. The ITDREIN is the system generated identification number. Immediately the registration application get processed as well as accepted in the Income-tax Department, this system generated identification number will be created as the ITDREIN and then this will be communicated to their Reporting Entity.

ITDREIN Format

The format for the ITDREIN which is the 16-character “identification number” is XXXXXXXXXX.YZNNN where XXXXXXXXXX is PAN / TAN of this Reporting Entity, Y is the Code of Form, Z symbolizes the Reporting Entity Category with the NNN as the sequence number.

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