Applicability of sec 285ba read with rule114e to individuals
This query is : Resolved
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
(Expert)
05 June 2017
Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature
Message likes :
1 times
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
(Expert)
05 June 2017
that reporting is done by the bank....
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