30 May 2018
Hi, I am a retailer having cash sales in excess of 50 Lakhs in a financial year. I deposit the same in parts across the year. Is SFT applicable to me? Do I have to file form 61A or will the bank be responsible to file the same? And what to file in Preliminary Response under SFT? Whether to select 'Yes' or 'Not Applicable' in preliminary response against the option SFT 003 i.e. Cash Deposits or Withdrawals in Current Account?
31 May 2018
Yes SFT will be applicable. You can file Nil statement if you do not have any transaction of more than Rs.2 lakhs from a single party. Bank will file their information but you also need to file pertaining to your business / information.
CAclubindia
