Receipt of cash payment exceeding two lakh rupees for sale
This query is : Resolved
29 November 2016
INCOME TAX RULE 114E
The statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in respect of a financial year in Form No. 61A and shall be verified in the manner indicated therein.
Class of person (reporting person)- Any person who is liable for audit under section 44AB of the Act.
SIR I AM IN CONFUSION ABOUT IT
LIMIT OF 2 LAKH IS FOR ONE BILL OR WHOLE TRANSACTION OF ONE FY
IF ANY PURCHASER PURCHASE GOODS OF RS.8 LAKH IN ONE FY BUT IT DIVIDE IN MANY SMALL BILL UNDER RS.2 LAKH
SO QUESTION ARISE
WILL THIS RULE APLY FOR THAT PURCHASER OR NOT ?
The statement of financial transaction required to be furnished under sub-section (1) of section 285BA of the Act shall be furnished in respect of a financial year in Form No. 61A and shall be verified in the manner indicated therein.
Class of person (reporting person)- Any person who is liable for audit under section 44AB of the Act.
SIR I AM IN CONFUSION ABOUT IT
LIMIT OF 2 LAKH IS FOR ONE BILL OR WHOLE TRANSACTION OF ONE FY
IF ANY PURCHASER PURCHASE GOODS OF RS.8 LAKH IN ONE FY BUT IT DIVIDE IN MANY SMALL BILL UNDER RS.2 LAKH
SO QUESTION ARISE
WILL THIS RULE APLY FOR THAT PURCHASER OR NOT ?
29 November 2016
The limit needs to be examined as per aggregate in FY and not Billwise in case of application of criteria under AIR under sec 285BA
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29 November 2016
IF ANY PURCHASER PURCHASE GOODS OF RS. 2.50 LAKH IN 5 BILLS
EACH BILL ARE OF RS. 50000
PAYMENT ALWAYS PAY IN CASH
WHAT WILL IN THIS SITUATION ?
EACH BILL ARE OF RS. 50000
PAYMENT ALWAYS PAY IN CASH
WHAT WILL IN THIS SITUATION ?
04 November 2021
Need to report as aggregate amount exceeded.
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