Form 61a query urgent

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

23 May 2017 Please resolve following issues:-
1. If debtor has paid more than Rs.200000 in cash against various sales transactions then it is to be reported?
2.If debtor has paid more than Rs.200000 in cash against various sales transactions of t5 years back then it is to be reported?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 May 2017 ! Debtor paid more than 2 lacs on each sales transaction has to be reported.
2 Transactions relate to financial year 2016-17 is to be reported not for the previous years.

Querist : Anonymous

Querist : Anonymous (Querist)

23 May 2017 suppose 1 sales transaction is of Rs.100000 and another is of Rs.150000 and debtor has paid amount in cash in installment of 20000 then it is to be reported?

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CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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23 May 2017 The norms of aggregation contained in sub-rule 3 of Rule 114E have been amended vide CBDT’s Notification No. 91/2016 dated 6th October, 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.

Rajat Aggarwal

Rajat Aggarwal (Expert)
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23 May 2017 a milk trader sells milk of around 1.50 lakh per day for cash and the gross turnover for AY 2017-18 is around 5.00 cr. as he sells milk on cash and the most of the parties to whom the milk sold are not traceable. then he is required to file form 61 A ? as he is liable for tax audit in AY 2017-18.

Expert : Anonymous

Expert : Anonymous (Expert)

23 May 2017 Only if receipt fom one transaction is more than Rs. 200000/-