Cash transactions excess of rs. 200000
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 September 2017
Dear experts,
Do we report any where if client receiving cash exceeding Rs 2 lakh in any single transaction for sale of goods and services in any report like 3CB, 3CD, ITR etc.,
Thank you.
Do we report any where if client receiving cash exceeding Rs 2 lakh in any single transaction for sale of goods and services in any report like 3CB, 3CD, ITR etc.,
Thank you.
CA R SEETHARAMAN
(Expert)
11 September 2017
Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from April 1, 2016, under which a person is required to furnish a statement in respect of transaction relating to receipt of cash payment exceeding Rs 2 lakh for sale of goods or service.
Non compliance may be reported.
Non compliance may be reported.
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