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REPORTING PORTAL | Company Vakil

Reporting Portal

It is an interface between the Income Tax department and the reporting entities. It was introduced by the Income Tax Department under the Project Insight and further on in this article, we look at this reporting portal in more detail.

Reporting Entity

Reporting Entity is anyone who is required to file in tax returns. In other technical words, it is an entity that is required to file in a Statement of Financial Transaction in Form 61A or Statement of Reportable Account in Form 61B with the Income Tax Department. In fact, according to the latest update from the department on their official website, all facilities and aspects will be handled through the reporting portal from 9th April 2018 onward, such as registration, uploading of the statement and other facilities for forms 60,61, 61A and 61B.

Some of the categories of reporting entities are listed below:

 

For Form 61 and Form 61A

  • Depository
  • Mutual Fund
  • NBFC/ Nidhi Company
  • Post Office
  • Reserve Bank of India
  • Securities Market Intermediary
  • Insurer
  • Government
  • Co-operative Bank
  • Banking Company

For form 61B

  • Specified Insurance Company
  • Investment Entity
  • Custodial Institution
  • Depository Institution

Benefits of the Reporting Portal

The benefits of reporting portal over the e-filing portal are listed below:

1. Dedicated help-desk support

2. Improved security by Data encryption

3. Seamless data processing and exchange of information with reporting entities.

4. Continuous quality monitoring and Reporting entity compliance management.

5. Comprehensive modules for capacity building.

Reporting Portal Registration

There is no separate registration process available and one has to be added through the Income tax e-filing portal via the reporting entities Principal Contact, to enable access to the reporting portal.

The Principal Contact will create a user on the reporting portal by accessing the Reporting Portal link “My Account” tab in the e-filing Portal. They will then identify the authorized persons, i.e. Principal Officer and Designated Director and then fill the form to create a user.

Once submitted the user will be able to log in on the Reporting Portal via the user Ids and passwords provided to them on the Reporting Portal.

Forms filed through the Reporting Portal

The following forms must be filed by the reporting entities through the Reporting Portal.

Form 61

It is important for an entity to have the Pan of the transacting party. In case the party does not have a Pan then Form 60 needs to be filed first. The details of Form 60 will then need to be filled in Form 61 for the period of 1st October to 30th March within 30th of April; also for the period of 1st October to 30th September within the 31st of October.

Form 61A

The Reporting Entity must file the Statement of Financial Transactions in the Form 61A. The report under this form needs to be produced within 31st of May, immediately succeeding the particular year, for the relevant year.

Form 61B

This form is filed for the implementation of FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard). The accounts to be reported must be filed in Form 61B by the 31st of May for the calendar year, following the end of the particular calendar year.

ITDREIN

ITDREIN is a 16-character identification number which is allotted to the Reporting Entity by the Income Tax Department for the purpose of the reporting on the transaction of a specified type. Once the necessary applications are processed and accepted, the system generated ITDREIN number will be conveyed to the Reporting Entity.

ITDREIN Format

The format for the ITDREIN number is XXXXXXXXXX.YZNNN where XXXXXXXXXX is PAN or TAN of the Reporting Entity. Y is the Code of Form, Z is Reporting Entity’s Category and NNN is the sequence number. It is a 16-character identification number.

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