Whether every person having Tax Audit has to file Statement of Financial Transactions or not?
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Dear Experts,
Income tax law has added the entities in the definition of reportable persons u/s 285BA read with 114E which are liable for audit u/s 44AB. My humble queries are -
1. Whether the person is required to file a NIL report in form 61A, means is it compulsory to file?
2. If a firm has a turnover of less than 1 crore but to avoid presumptive taxation u/s 44AD, it conducts audit. Will this firm fall in the category so as to file form 61A.
Please answer promptly as the deadline is 31st May 2017.
Thanks for your time.
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Whether we need to file Filing preliminary response and form 61A in following cases
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2. Company called XYZ Ltd for which Tax audit is not applicable and does not received Cash sale of Rs.2 lacs or more per transaction
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thanks in advance
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