There is no separate registration process available on the reporting portal. To enable access to the reporting portal, the reporting entities Principal Contact must add the users through the income tax e-filing portal. To create a user on the reporting portal, the Principal Contact would initiate the registration by accessing the Reporting Portal link at e-filing Portal under “My Account” tab. Principal Contact will then identify the authorised persons i.e. Principal Officer and Designated Director and enter the basic information required to create a user. On submission, user ids and passwords will be provided to respective users on the reporting portal. The users will then be able to log in on the Reporting Portal using the communicated User id and password
Reporting Entity
Reporting entity is an entity that is mandated to furnish a Statement of Financial Transaction in Form 61A or Statement of Reportable Account in Form 61B with the Income Tax Department. The official notification issued by the Income Tax Department states that from 9th April 2018 onwards, all aspects pertaining to reporting entities like registration, uploading of statement and other facilities for Form 60, 61, 61A and 61B would be handled through the reporting portal. Some of the categories of reporting entities which are applicable to most taxpayers are mentioned below:
For Form 61 and Form 61A
- Mutual Fund
- NBFC/Nidhi Company
- Post Office
- Reserve Bank of India
- Securities Market Intermediary
- Insurer
- Government
- Co-operative Bank
- Banking Company
- Depository
For Form 61B
- Specified Insurance Company
- Investment Entity
- Custodial Institution
- Depository Institution
Benefits of the Reporting Portal
- Seamless data processing and quality monitoring.
- Data encryption for improved security.
- Seamless exchange of information with reporting entities.
- Comprehensive resources module for capacity building.
- Seamless Reporting Entity compliance management.
- Dedicated help-desk support.
Forms Required to be Filed
Form 61
According to the Income Tax Act, it is mandatory for an entity to obtain PAN of the transacting party. If the transacting party doesn’t hold a PAN, form 60 needs to be filed by the transacting party. Details of Form 60 must be reported in form 61 for the period of 1st October to 30th March within the 30th of April; as well as for the period of 1st October to 30th September within the 31st of October.
Form 61A
A reporting entity must file a statement of financial transactions in Form 61A. The report under this form has to be produced by the entity for the relevant financial year within the 31st of May immediately succeeding the particular financial year.
Form 61B
Form 61B is filed for the implementation of FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard). Reportable accounts identified by the entity must be filed in Form 61B for the calendar year by the 31st of May following the end of the particular calendar year.
ITDREIN
ITDREIN is a 16 character identification number allotted by the Income Tax Department to a Reporting Entity for reporting on reportable transaction of a specified type. ITDREIN is a system-generated number. Once the registration application is processed and accepted by the Income-tax Department, the system will generate the ITDREIN and communicate the same to the Reporting Entity.
ITDREIN Format
ITDREIN is a 16-character identification number in the format XXXXXXXXXX.YZNNN where XXXXXXXXXX is PAN or TAN of the Reporting Entity, Y is Code of Form, Z represents Reporting Entity Category and NNN is the sequence number.
FAQs
What is the Reporting Portal?
The Reporting Portal is an online platform that allows users to generate, view, and download various reports related to our services. It provides real-time access to data and insights to help you make informed decisions.
Who can access the Reporting Portal?
Access to the Reporting Portal is typically granted to authorized personnel such as employees, partners, and clients. If you need access, please contact your administrator.
Practice area's of B K Goyal & Co LLP
Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Demand Notice | Psara License | FCRA Online
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