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Sft 61a

Champ (Partner at Rajesh Radhey & Co.) (116 Points)

25 May 2017

Query in regard to Filing of Form 61AIf we file a SFT Preliminary Response as No in SFT-013 as no cash received of Rs 2 Lac for a sale.Then also we have to file a Form 61A. If yes then what would be the statement no for this.

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15 Replies

Akshay Ganatra (10 Points)
Replied 25 May 2017

I have no make bill above 200000 & no cash received against 200000 bill so I required to file 61A. ????

1 Like

venkateswaran.m (Sr. Audit Manager.) (52 Points)
Replied 25 May 2017

Please check Rule 114e that whether you are required for submitting form 61A. There are various limit fixed for various institutions.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 25 May 2017

Originally posted by : Akshay Ganatra
	I have no make bill above 200000 & no cash received against 200000 bill so I required to file 61A. ????

Not required; but if received any mail, file "SFT Preliminary Response' under 'Compliance' online.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 25 May 2017

Originally posted by : Champ
	Query in regard to Filing of Form 61AIf we file a SFT Preliminary Response as No in SFT-013 as no cash received of Rs 2 Lac for a sale.Then also we have to file a Form 61A. If yes then what would be the statement no for this.

Not required at present, unless any query raised by department (in future).

Sonu Agarwal (CA) (47 Points)
Replied 25 May 2017

Sir,

In case of SFT reporting for Tax audit asseese, whether Rs.200000/- limit for cash receipt is for single day or the aggregate cash receipt during the entire Fin. Year from a single person. Suppose the credit sale transaction is of Rs.500000/- and cash receipt is Rs.100000/- on 5 different dates; then will SFT reporting be applicable.

Champ (Partner at Rajesh Radhey & Co.) (116 Points)
Replied 25 May 2017

After filing of SFT Preliminary Response as No then form 61 A is to be uploaded or not?

Champ (Partner at Rajesh Radhey & Co.) (116 Points)
Replied 25 May 2017

After filing of SFT Preliminary Response as No then form 61 A is to be uploaded or not?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 25 May 2017

Originally posted by : Champ
	After filing of SFT Preliminary Response as No then form 61 A is to be uploaded or not?

Not necessary.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 25 May 2017

@ CA Sonu Agarwal:

"Suppose the credit sale transaction is of Rs.500000/- and cash receipt is Rs.100000/- on 5 different dates..........."

If the sale transaction is singular, or of same day, SFT reporting for (audit case) assessees applicable.

1 Like

RAJA P M ("Do the Right Thing...!!!") (127150 Points)
Replied 26 May 2017

Originally posted by : Dhirajlal Rambhia
	@ CA Sonu Agarwal: "Suppose the credit sale transaction is of Rs.500000/- and cash receipt is Rs.100000/- on 5 different dates..........." If the sale transaction is singular, or of same day, SFT reporting for (audit case) assessees applicable.

Dear Dhirajilal Sir.,

Very helpful for FORM 61.... one more doubt...

Who can file this form.... I mean,

Only Chartered Accountant....? or

A Consulatant or A Accountant or any other will be file the form...?

sivaram (Asst Mgr-Taxation) (6918 Points)
Replied 27 May 2017

any one can file the SFT Preliminary response even if you have Nil Transactions just file in the compliance section in the e filing income tax portal

RAJA P M ("Do the Right Thing...!!!") (127150 Points)
Replied 27 May 2017

Originally posted by : sivaram
	any one can file the SFT Preliminary response even if you have Nil Transactions just file in the compliance section in the e filing income tax portal

Dear SIVARAM.,

I'm doing consulting works for Accounts & Tax. Can I file FORM 61a to my Clients.

Have Two Tax Audit clients are make bills for Cash Above 2lacs. Who can file these cases....?

Please guide me i have more confusion... & This law is starting FY 2016-17 or Previous FY...?

RAJA P M ("Do the Right Thing...!!!") (127150 Points)
Replied 27 May 2017

Originally posted by : Dhirajlal Rambhia
	@ CA Sonu Agarwal: "Suppose the credit sale transaction is of Rs.500000/- and cash receipt is Rs.100000/- on 5 different dates..........." If the sale transaction is singular, or of same day, SFT reporting for (audit case) assessees applicable.

Dear Dhirajlal Sir.,

If a bill made Rs.3,00,000/- and the amount will be receive CASH Rs. 1,50,000/- and BANk Rs. 1,50,000/-. If this case will file FORM 61a or NOT Avialable Sir...

sivaram (Asst Mgr-Taxation) (6918 Points)
Replied 28 May 2017

Raja

Cash receipt 200000/= from single client applicable only for business having turnover of 1 crore and above and service income of 25 lakhs and above if such is the case file Preliminary response to SFT if you have Nil Transactions this is a small compliance which can be done by anyone by logging into efiling income tax portal if you have user id and password remember this has to be complied on or before 31.5.2017