Form 61a

Sir,

      I want to if cash sale is made above two lakh ,but the seller does not have the name, address, pan number of purchaser than what to do in that case?

@ CMA Swati Agarwal.

"Also apart from filing of SFT Preliminary response ( for companies ), Nil statement also to be filed, if the company is eligible for any transaction, but there is no transaction for the same in the reporting year. "
 

Yes agree. to Upload form 61A with 'No data'.

Originally posted by : CMA Swati Agarwal
	Sir, will SFT to be filed, by the person who has made cash withdrawl from his bank account of more than 2 lakhs in a day?

Not applicable as per per IT section 285BA read with Rule 114E along with Nature and value of transactions to be reported

Refer:  https://caclub.in/cbdt-procedure-for-registration-submission-of-sft-as-per-it-sec-285ba-rule-114e/

Sir,

In case of SFT-013, reporting is to be done of cash receipts >2 lacs from a person in a single day or per invoice ...???

Please support your view.

Well we are till trying to understand this provisions and compliances... and at the same time i got this new query....

since this compliance is for Tax Audit assessee... now who is and can go for 44AB is another query...

Assessee who has opted for 44AD in AY 2016-2017 and now in AY 2017-2018 has Turnover between 1 cr to 2 cr, so does he have option to opt for 44AB or will have to go for 44AD complusory?

Since the Limit for 44AD was increased to 2cr but no change for was for 44AB.

and similarly the provision for profession in case of 44AB is 25 lacs , whereas the option for 44ADA has limit of 50lacs...

If person has made a cash sell how to fill up form 61A?

Whether an assessee whose turnover for the F Y 2016-17 is below the limits prescribed u/s 44AB and is not liable for tax audit is he required to file compliance and Form 61A in terms of Section 285BA and Rules 114E of the I T Act. In My Opinion is not required to file any form since is not under tax audit.Request for clarification.

Originally posted by : swati
	Sir, In case of SFT-013, reporting is to be done of cash receipts >2 lacs from a person in a single day or per invoice ...??? Please support your view.

As per notification it is " Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature"    So, its exact interpretation  is per bill ( raised to any single party/person), not to be aggregated per annum or any period; but ITO can raise objection if any single bill found to be splitted, particularly on any single day (interpretation from section 269ST)

@ Surana Ji

"Assessee who has opted for 44AD in AY 2016-2017 and now in AY 2017-2018 has Turnover between 1 cr to 2 cr, so does he have option to opt for 44AB or will have to go for 44AD complusory?"

Assessee is at liberty to go for assessessment u/s. 44AD, its not compulsory. But finance bill 2016 has amended that once the assessee opts out of assessment u/s. 44AD, after assessment of its income u/s.44AD during any year, then he/she cannot adopt it for next 5 years (applicable from AY 2017-18).

Now for audit purpose, section 44AD overrides section 44AB. So for business income between Rs. 1 & 2 cr & profession income between Rs.25 to 50 lakhs, if assessee adopts section 44AD or 44ADA respectively, s/he is not liable for tax audit, as he is not required to maintain books of accounts, otherwise as per section 44AB s/he has to audit books of account.

Originally posted by : Ashim kr Ray
	If person has made a cash sell how to fill up form 61A?

Whether he was liable to tax audit u/s.44AB for AY 2016-17? If yes, go for reporting it under form 61A, before 31st May.

I am uploading the Form 61A Zip file but while uploding it shows Invaild ZIP file. Please upload the valid Zip file.  Please tell me the solution of this

 

Originally posted by : mahavishnu
	Whether an assessee whose turnover for the F Y 2016-17 is below the limits prescribed u/s 44AB and is not liable for tax audit is he required to file compliance and Form 61A in terms of Section 285BA and Rules 114E of the I T Act. In My Opinion is not required to file any form since is not under tax audit.Request for clarification.

If the assessee was liable to tax audit for AY 2016-17, and also if any specific transaction liable to report carried out in FY 2016-17........s/he has to file form 61A.

Originally posted by : Nishant singh
	I am uploading the Form 61A Zip file but while uploding it shows Invaild ZIP file. Please upload the valid Zip file.  Please tell me the solution of this

Could be because of any of the following defects:

Latest Java utility

Removal of all the defects as per validation. (If there are no validation errors, “Validation Successful” dialog box is displayed)

The Zip file is to be saved in XML formate, (XML file Generated by utility itself)

Sometimes, its not properly extracted in crome, so better dowload the schema form 61A in explorer and upload the same by logging from explorer.

Good luck.

On tour for a week from tomorrow !!

What i feel.... the provision says if the assesee is liable for Tax Audit under 44AB in previous year then he needs to report for it.. so in that case it should be only restricted to FY 2016-2017, irrespective of FY 2015-2016.

And the issue is assessee who has opted for 44AD in FY 2015-2016 and has turnover of 1.5 cr in FY 2016-2017.. so can be go for 44AB ?

(Considering the clause of 4/5 year block if once opt for 44AD starting FY 2015-2016.... and one more point since the day assessee opted for 44AD the clause was different and next FY the limit and clause changed.. so maybe next year the clause may change again and limit may rise 3-4 fold, which will be not suitable for 44AD, afterall 8% of 50 Lacs, 1cr, 2 Cr makes a lot difference in Net Profit.)

if  he can opt for 44AB  then he will have to comply with his provision, if no then he free to not do any of this :)

And i am on 10 days tour from day after tomo :(