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Rule 114e urgent

RAHIL (ACCOUNTANCY) (247 Points)

22 May 2017

One of my client is liable for Audit u/s 44AB. He has not received cash amount exceeding Rs. 2 Lacs. Does he require to submit form 61A.?

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10 Replies

nagarjuna (Practice) (137 Points)
Replied 22 May 2017

No... Not required to file SFE. SFE is liable to file only if it is applicable.

1 Like

CA S Praveen Kumar Reddy (Chartered Accountant) (2195 Points)
Replied 22 May 2017

No.....Not required

1 Like

Poltu Ghosh (Job) (1865 Points)
Replied 22 May 2017

There is lots of confusion going on about filing of nil SFT return. Legally speaking there is no requirement to file nil SFT return but department personnel hold contrary view. Even CPC requires filing of nil declaration. Clarification from CBDT is awaited.

PARIMAL (CHARTERED ACCOUNTANTS) (24 Points)
Replied 23 May 2017

if the person first time liable to tax audit whether Sft is liable to this type of assessee

PARIMAL (CHARTERED ACCOUNTANTS) (24 Points)
Replied 23 May 2017

and also tell me if the person receive amount more than 2 Lacs for the opening balance I.e-1-4-2016 it's also applicable sft this type of transaction

RAHIL (ACCOUNTANCY) (247 Points)
Replied 23 May 2017

@ Poltu Ghosh : But the last date is 31st may, 2017. When CBDT will clarify it?

Sankar Nath K (22 Points)
Replied 23 May 2017

Dear Member,

it myadvice Kindly file the SFT nil return its not mandatory but it is optional only but saf side nil return should file

CA kunal Parmar (CA) (31 Points)
Replied 23 May 2017

It is compulsory to file form 61a even you dont have any transaction if you are liable to do audit under section 44AB. So u need to file form 61a

Poltu Ghosh (Job) (1865 Points)
Replied 24 May 2017

Dear Mr. Rahil, you might be aware about CBDT's style of clarification since its inception. Don't be surprised if board clarifies on 31st May night at 11:59. 2 or 3 years back the board extended the tax Audit report date on 01st Oct. You might be unaware but it happens only in India.

Poltu Ghosh (Job) (1865 Points)
Replied 24 May 2017

Dear CA Kumar Parmar, if we accept your logic that filing of 61A is compulsory even if there is no transaction then please tell us what is the meaning of the threshold limits prescribed in the rule. Consider a situation where a person receives cash of more than Rs. 200000, a person receives less than Rs 200000 and a person who did not receive any amount in cash. Is not there any difference. A person who did not receive any cash falls in the category of a person who receives less than Rs 200000.
Remember filing of nil statement in 61A is not compulsory. It is the department wishes to file nil statement voluntarily even if not liable under the law.