New Rule 114E of the income tax rules requires all assessees liable for tax audit u/s 44AB will have to file statement of financial transactions in Form 61A, in case of receipt of cash payment exceeding of Rs. 2,00,000/- for sale of goods/services of any nature.
The statement of financial Transactions shall be furnished by every person mentioned in column (3) of the below Table in respect of all transactions of the nature and value specified in the corresponding entry in column (2) of the said Table which are registered or recorded by him on or after 1-04-2016
Sl No Nature and value of TransactionsClass of Person1Payment of cash aggregating Rs. 10,00,000 or more in a year for purchase of DD, Pay Orders, Bankers Cheque. • A Banking Company, • Co-operative Bank2Payment made in cash aggregating to Rs. 10,00,000 or more in a year for purchase of pre-paid instruments issued by RBI • A Banking Company, • Co-operative Bank3A cash deposit aggregating to Rs. 10,00,000 or more in a year in one or more bank accounts (other than current account or time deposit) • A Banking Company, • Co-operative Bank, • Post Master General of Post office4A Cash deposit aggregating to Rs. 50,00,000 or more in a year in one or more current account of a person • A Banking Company, • Co-operative Bank5A Cash withdrawal aggregating to Rs. 50,00,000 or more in a year from one or more current account of a person • A Banking Company, • Co-operative Bank6One or more time deposit (other than renewal) aggregating to Rs. 10,00,000 or more of a person • A Banking Company, • Co-operative Bank, • Post Master General of Post office, • Nidhi referred to in sec 406 of the Companies Act 20137Credit card payment made by any person aggregating to Rs. 1,00,000 or more in a year in cash or Rs. 10,00,000 or more by any other mode • A Banking Company, • Co-operative Bank, • Any Institution issuing Credit Card8Receipt from any person of an amount agregating to Rs.10,00,000 or more for acquiring bonds or debentures issued. • Company or Institution issuing bonds or debentures9Receipt from any person of an amount aggregating to Rs. 10,00,000 or more in a year for acquiring shares issued by the company (including share application money) • Company issuing shares10Buy back of shares from any person (other than the shares bought in the open market) for an amount or value aggregating to Rs. 10,00,000 or more in a year. • A company listed on a recognised stock exchange11Receipt of an amount aggregating Rs. 10,00,000 or more for acquiring units of one or more schemes of a Mutual Fund. (other than switching of funds from one scheme to another) •Trustee of a Mutual Fund12Receipt from any person for sale of foreign currency or expense in such currency through a debit or credit card or through issue of travellers cheque or draft or any other instrument of an amount aggregating to Rs. 10,00,000 or more in a year Authorized Dealer, Money Changer, Off-shore Banking Unit or any other person defined in FEMA, 199913Purchase or sale by any person of immovable property for an amount of Rs. 30,00,000 or more or valued by the stamp valuation authority referred to in section 50C of the Act at Rs. 30,00,000 or more. Inspector-General or Sub-Registrar appointed under Registration Act, 190814Receipt of cash payment exceeding Rs. 2,00,000 for sale of goods or providing services of any nature other than those specified above Any person who is liable for audit under section 44AB of the Act
The statement of financial transactions (online return in Form No. 61A with digital signature) shall be furnished on or before the 31st May, immediately following the financial year in which the transaction is registered or recorded.
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