Form 61a rule 114esection 285ba

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rajendra utpat (Querist)
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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?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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20 May 2017 No need of filing nil report.

rajendra utpat

rajendra utpat (Querist)
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20 May 2017 Thank you sir for reply
Can you tell me sir on what basis this conclusion is arrived ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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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.

rajendra utpat

rajendra utpat (Querist)
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21 May 2017 Ok Thank you very much sir

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