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.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

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