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Applicability of sec 285ba read with rule114e to individuals

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simran (Querist)
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05 June 2017 What are the matters to specified as per sec 285ba read with rule 114E by individuals covered under sec 44AB of the act

Nikhil Kaushik

Nikhil Kaushik (Expert)
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05 June 2017 Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature

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simran (Querist)
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05 June 2017 So if a person deposits an amount more than 10 lakhs in any account or time deposit he/she is not liable to report it u/s 285ba

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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05 June 2017 that reporting is done by the bank....

simran (Querist)
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05 June 2017 Ok, thank you sir for resolving my query

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