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Form 61a

Puneet Goel (Executive) (23 Points)

23 May 2017

Sale bill / Receipt of more than 200000/- per transaction is to be considered or sale bills/receipts of more than 200000/- in aggregate from a person is to be considered for reporting in form 61A?

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6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (174190 Points)
Replied 23 May 2017

Theoretically, a receipt of cash of Rs. 200000/- and above (per day, per person) is covered in form 61A.

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CA S Praveen Kumar Reddy (Chartered Accountant) (2195 Points)
Replied 23 May 2017

agreed with Dhirajilal sir

Ashok J (CA Final) (880 Points)
Replied 23 May 2017

I think there is an interpretation issue here. if we apply 2 lacs as limit per person per day, it defeats the whole intention of the section. Some are saying it is applicable only for loan transaction and not for cash received against goods or services in the ordinary course of trade

Ajit Hegde (CA - Final) (1367 Points)
Replied 23 May 2017

If you read rule 114e it does not say per day per person. Moreover subrule one specifies 'recorded or registered after Apr 1, 2016'.

Hence the total cash reciept, if exceeds ₹2 lakh in a year has to be reported irrespective of the person or day.

And it applies only and for only sale of goods or services. Not for any other transactions. For loans we have 269ss. For expenditure we have 40A(3).

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (174190 Points)
Replied 24 May 2017

SFT- 013: Cash payment for goods and services

Transaction Code	SFT-013
Transaction Descripttion	Cash payments for goods and services.
Nature and value of transaction	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 Rule 114E)
Class of person required to furnish	Any person who is liable for audit under section 44AB of the Act.
Remarks	1. For sale or purchase, by any person, of goods or services of any nature it is obligatory to quote PAN for amount exceeding two lakh rupees per transaction: (refer Rule 114B)
	2. The aggregation rule is not applicable for identification of reportable transactions
	3. The relevant reporting format is Part A (Statement Details) and Part B (Report Details)
	4. The Report Type should be specified as AF-Aggregated Financial Transactions (A.2.7).
	5. The reporting format aggregates the transactions of one person in one report
	6. One report would include details of one person along with transaction details
	7. The Product Type should be specified as ZZ –Others (B.3.1)

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CA Sagar Upadhyay (Chartered Accountant) (38 Points)
Replied 24 May 2017

One has not required to consider the receipt in aggregation it should be seen as per transaction. It can be seen from below given link of CBDT. Go through it.

https://www.incometaxindia.gov.in/Lists/Press%20Releases/Attachments/575/Reporting-Cash-Transactions-under-Rule-114E-Income-tax-Rules-1962-23-12-2016.pdf Read more at: /forum/details.asp?mod_id=391724&offset=1