Mopidevi Bharadwaja
(Article assisstant)
(167 Points)
Replied 23 May 2017
The Income Tax department clarified that businesses and traders receiving cash exceeding Rs 2 lakh in any single transaction for sale of goods and services are required to report it to the authorities.
The norms of aggregation contained in sub-rule 3 of Rule 114E have been amended vide CBDT notification dated October 6, 2016, clearly indicating that the said transactions did not require aggregation and the reporting requirement under SFT for this purpose is on receipt of cash payment exceeding rupees two lakh for sale of goods or services PER TRANSACTION
Mopidevi Bharadwaja
(Article assisstant)
(167 Points)
Replied 23 May 2017
There is limit with regard to amount to be received in cash depending on the purpose
For more details refer below link
https://www.simplifiedlaws.com/new-requirement-of-filing-form-no-61a-for-statement-of-financial-transactions-wef-1st-april-2016/
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