Deepak Kumar (Chartered Accoountant) (270 Points)
27 June 2016Now Auditor require to report in 3 cd if There is Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature as per rule 114e. Now my question is that this 2 lac rs. Limit is for one time trasaction or for whole year transaction.
Exp
if my client sale 11 transaction & per transaction is 20000Rs. each & received 20000 Rs. cash Every time. In this way he received 220000 in whole year. In this situation is 114E is applicable.
Z
( )
(2965 Points)
Replied 28 June 2016
Serial no. 11 says
"Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature (other than those specified at Sl. Nos. 1 to 10 of this rule, if any.)"
Sub rule 3 to rule 114E says
The reporting person mentioned in column (3) of the Table under sub-rule (2) (other than the person at Sl. No. 9) shall, while aggregating the amounts for determining the threshold amount for reporting in respect of any person as specified in column (2) of the said Table,—
| (a) | take into account all the accounts of the same nature as specified in column (2) of the said Table maintained in respect of that person during the financial year; | |
| (b) | aggregate all the transactions of the same nature as specified in column (2) of the said Table recorded in respect of that person during the financial year; | |
| (c) | attribute the entire value of the transaction or the aggregated value of all the transactions to all the persons, in a case where the account is maintained or transaction is recorded in the name of more than one person; | |
| (d) | apply the threshold limit separately to deposits and withdrawals in respect of transaction specified in item (c) under column (2), against Sl. No. 1 of the said Table. |
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