All you need to know about Reporting Portal By Dhivya Krishna - December 16, 2019 Last Updated at: Oct 06, 2020 +1 4698 The Income Tax Department has recently empowered the scheduled commercial banks (SCBs) to check the IT return filing status of PANs in bulk mode. The designated director of SCBs, which are registered with the reporting portal of the IT department, shall be able to use the functionality. They can do this by logging into the reporting portal by using their credentials. The Income Tax Department has recently released a new functionality “ITR Filing Compliance Check”. It will be available to scheduled commercial banks (SCBs) to check the IT return filing status of PANs in bulk mode. The designated director of SCBs, which are registered with the reporting portal of the IT department, shall be able to use the functionality. They will need to log into the reporting portal by using their credentials. According to the 2019 NortonLifeLock Cyber Safety Insights Report, 63% Indians do not know what they will do if their identities are stolen, even though 70% are worried that identities will be stolen. 4 in 10 consumers in India have experienced identity theft. What is the Reporting Portal? The Reporting Portal is an online interface made available by the Income Tax Department of India. It is to enable reporting entities to register with the Income Tax Department. Also to submit their statements in the prescribed format. Reporting entities can access the reporting portal through the URL https://report.insight.gov.in Who/What is a Reporting Entity? Any person/entity that is required to furnish a Statement of Financial Transaction (STF) in Form 61A or Statement of Reportable Account in Form 61B with the Income Tax Department can be categorised as a Reporting Entity. Reporting entity thus includes the following: Banks (also RBI) Mutual Funds Registrar The Company issuing bonds, debentures or shares Any person liable for audit under section 44AB of the Income Tax Act Anyone authorised under FEMA Any person falling under Section 285BA of the Income Tax Act Post office Government Depending upon the categories, one has to register at the reporting Portal and submit forms 60, 61A and 61B respectively. Point to be noted here is that from 9th April 2019 onwards all facilities for Form 60, 61A and 61B have been migrated from the e-filing portal to the reporting Portal. What makes Reporting Portal more enhanced than the E-filing portal of the ITD – The following features make the reporting portal more enhanced: Data security as all the data is encrypted Data processing is smooth and monitored Compliance management Reporting entities can exchange information seamlessly Help Desk support get free advice from us Steps for register: As mentioned earlier, any person/entity falling under the reporting entity listed above needs to register to the Reporting Portal. Step 1: For all new registrations to the reporting portal, the reporting entity needs to login to https://incometaxindiaefiling.gov.in/ (e-filing website) with the existing credentials as an income taxpayer. Step 2: The entity needs to then, click on the “Reporting Portal” link under the “My Account” tab on the filing website to access the reporting portal for the first time. Step 3: Next, the reporting entity is required to fill in the mandatory details like the type of form to be submitted, category and address of reporting person/entity along with details of Principal Officer. Principal Officer is a person designated by the reporting entity who can add, review and change the users. The details can now be submitted or other details like the Designated Director and Nodal office can also be added. Designated Director is the only person who will be able to upload the STF (Statement of Financial Transaction). Hence, it is advised to enter these details as well. Point to be noted: Principal Officer and designated director can be the same person. Step 4: Once the above details are entered and submitted, an ITDREIN is generated and a confirmation email is sent to the Principal Officer and also to all the listed user to their registered email ids. ITDREIN is a unique 16 character identification number which is generated upon successful registration of the reporting entity with the reporting portal. Types of forms that are filed using the Reporting Portal Form 61 Any transacting party that does not hold a PAN needs to file Form 61 as it is mandatory for the reporting entity to obtain one from the transacting party. Form 61A A reporting entity is required to report transactions of the specified nature in the SFT relevant to the financial year on or before the 31st of May immediately following the financial year. This is where the reporting entity needs to file a financial statement in Form 61A Form 61B A reporting entity needs to follow the due diligence procedure to identify reportable accounts for the implementation of the FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard). Features/Functionalities: Following are the functionalities of the reporting portal: Upon registration with the reporting portal, the reporting entities generate ITDREIN (a unique 16 digit number). A Principal Officer designated by the reporting entity can add, review and change the users. The Designated Director can update the statements that generates and validates through the prescribed format. By looking at the Data Quality report, the reporting entity can also upload correction statements. A Reporting entity can update profile and download utilities, user guides, training material, etc. Submission of Correction Statement and Deletion of Submitted Reports Reporting Portal enables the reporting entity to rectify any incorrect statement that has been submitted. The “statement pending for correction” tab lists the statements with “Reports Requiring Correction (RRC)” mentioned against them. The reporting entity needs to pull out these, rectify them, and upload it back to the portal. Reports to be corrected are also mentioned in the DQR (Data Quality Report) which is generated after the submission of the statements. In cases where the reporting entity wishes to delete any report within a statement, it can choose “Deletion Statement” and follow the same procedure as in the case of submission of correction statement.