“Form 61A is a statement prescribed to report certain financial transactions by specified persons. Where people buy high-value items, and the transaction value exceeds the specified limits, then the online or offline store will have to report such transactions in their Form 61A,” says Saurrav Sood, a chartered accountant (CA) and practice leader (International tax and transfer pricing) at SW India, an advisory, assurance, tax, accounting and outsourcing services company.
