Form 61a rule 114esection 285ba

This query is : Resolved

rajendra utpat (Querist)
Follow

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)
Follow

20 May 2017 No need of filing nil report.

rajendra utpat

rajendra utpat (Querist)
Follow

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)
Follow

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)
Follow

21 May 2017 Ok Thank you very much sir

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now