19 May 2017
Our client is liable to tax audit u/s 44AB. But he dose not receive sale proceeds in cash .All are bank receipts. Still he needs to file form 61A saying NIL transactions to report?
21 May 2017
New Rule 114E of the income tax rules requires all assessees liable for tax audit u/s 44AB will have to file statement of financial transactions in Form 61A, in case of receipt of cash payment exceeding of Rs. 2,00,000/- for sale of goods/services of any nature.
Read the above provision filing is required only in case of receipt of cash payment exceeding of Rs. 2,00,000/- for sale of goods/services of any nature.