An outreach and awareness programme was organised by the Directorate of Income Tax (Intelligence & Criminal Investigation), Ahmedabad, at the office of The Gujarat State Co-operative Bank Ltd. The programme was facilitated by Ajay Patel, Chairman, Gujarat State Co-operative Bank Ltd., and witnessed participation from CEOs and senior officials of district and primary co-operative banks across Gujarat.
During the seminar, the Income Tax Department made detailed presentations on Form 61, Form 61A and Form 61B, highlighting statutory reporting obligations and the consequences of non-compliance under the Income-tax Act, 1961.
The Department emphasised that filing of Form 61B is mandatory for all co-operative banks under Rule 114F(5) – Explanation 5, effective from 7 October 2022, and that non-compliance attracts penal provisions. It was clarified that if an Indian citizen becomes a tax resident of a foreign country, such as the UK, his or her account in an Indian co-operative bank becomes a reportable account, making Form 61B filing compulsory. The Department further clarified that GIIN (Global Intermediary Identification Number) is not mandatory for filing Form 61B.
Addressing the gathering, Ajay Patel, Chairman, thanked the Income Tax Department for the comprehensive sensitisation programme. He urged district bank CEOs to obtain certificates from local banks confirming the absence of reportable accounts before filing NIL Form 61B, and stressed the need for accurate and error-free reporting.
The filing process was explained through a PowerPoint presentation, demonstrating that compliance can be easily completed through the Income-tax Department’s e-filing portal.
Significantly, the Department revealed that out of 231 co-operative banks in Gujarat, only 179 are registered as reporting entities, and only 71 banks have filed Form 61B so far. While 52 banks are yet to register, as many as 160 co-operative banks were required to file Form 61B by 28 January 2026, failing which they are liable to penal action.
The Department shared a list of compliant banks with Ajay Patel and appreciated those institutions for their prompt compliance. Banks yet to comply were advised to complete registration and filing within the stipulated timeframe.
It was also disclosed that penalty notices have already been issued to more than 200 co-operative banks for non-compliance or defective reporting. The list was shared with CEOs and General Managers of district co-operative banks, who were advised to sensitise affiliated banks and ensure immediate corrective action.
Apart from Form 61B, the Department elaborated on Forms 61 and 61A, stressing the obligation to report Specified Financial Transactions (SFTs)-including cash deposits, fixed deposits, drafts and DDs-under SFT-1, SFT-2, SFT-3, SFT-4, SFT-5 and SFT-16, wherever prescribed thresholds are exceeded. Instances of serious under-reporting detected during spot verifications were flagged.
Special emphasis was placed on interest credited to accounts, with the Department clarifying that all interest amounts must be reported under SFT-16, with no exemption limit.
Akhilendra Pratap Yadav, Director of Income Tax (Intelligence & Criminal Investigation), Ahmedabad, underlined that timely and complete compliance by Gujarat’s co-operative banks would strengthen India’s image at global forums. He cautioned that non-compliance could adversely impact India’s rating under the ongoing AEOI peer review.
During the interactive Q&A session, participants thanked the Department for the informative presentation and assured full compliance within prescribed timelines. The Department, in turn, thanked Ajay Patel for organising the seminar at short notice and for his proactive role in strengthening regulatory awareness among co-operative banks.
