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monika (Querist)

08 December 2016 THIS QUERY ABOUT RULE 114E

9 [Furnishing of statement of financial transaction.

11. Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature (other than those specified at Sl. Nos. 1 to 10 of this rule, if any.)

Any person who is liable for audit under section 44AB of the Act.

SO QUESTION ARISE THAT,
WILL applicable on each sale OR ON to the aggregate value of sales made during the year TO ONE PERSON?

CA Suresh Jain

CA Suresh Jain (Expert)

08 December 2016 It is, in my opinion, every sale transaction and not the aggregate amount in a FY

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monika

monika (Querist)

08 December 2016 BUT SIR SOME CA ARE SAYING IT WILL ON AGGREGET AMOUNT OF CASH SALE IN A FY

IF ANY PERSON GIVE 5 BILL OF RS. 50000 EACH
SO AMOUNT WILL REACH ON RS. 250000

SO PLEASE TELL ME RULE 114E WILL APLY OR NOT ?

Mukul Giria

Mukul Giria (Expert)

08 December 2016 In my opinion, Reporting need not be done for the above above illustration.

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CA Suresh Jain

CA Suresh Jain (Expert)

08 December 2016 In my opinion as per sub rule 3 of 114E which is as under: which give an understanding that the Annual aggregation is not applicable for this transaction.
(3) The reporting person mentioned in column (3) of the Table under sub-rule (2) 11a[(other than the persons at Sl.No.10 and Sl.No.11)] shall, while aggregating the amounts for determining the threshold amount for reporting in respect of any person as specified in column (2) of the said Table,—
(a) take into account all the accounts of the same nature as specified in column (2) of the said Table maintained in respect of that person during the financial year;
(b)aggregate all the transactions of the same nature as specified in column (2) of the said Table recorded in respect of that person during the financial year;
(c) attribute the entire value of the transaction or the aggregated value of all the transactions to all the persons, in a case where the account is maintained or transaction is recorded in the name of more than one person;
(d) apply the threshold limit separately to deposits and withdrawals in respect of transaction specified in item (c) under column (2), against Sl. No. 1 of the said Table.

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