Sft 013 aggregation rule

This query is : Resolved

PRATIKSHA (Querist)
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24 May 2017 Sir i want to know about the aggregation rule for cash payments received above 2,00,000 and above for sale of goods and services.

Whether we have to take per person 2,00,000 or per transaction above 2,00,000 ???

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 May 2017 You have to take per transaction above 2 lacs.

PRATIKSHA

PRATIKSHA (Querist)
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24 May 2017 Means per bill we have to consider ???
For example if there are two bills for one client one of Rs. 150000 and other of Rs. 175000 and we have received Rs. 215000 cash for these two bills then whether it is applicable????

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 May 2017 The above transaction fall under this rule.
(c) in respect of transactions relating to one event or occasion from a person.

Here it is transactions fall under one occasion from a person.

PRATIKSHA

PRATIKSHA (Querist)
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27 May 2017 Sir, also i want to know whether receipts from opening debtors as on 01/04/2016 will come under SFT 013 ???

For Example, if I have opening debtors of Rs. 14,00,000 and receives cash against it above Rs.2,00,000. Is SFT 013 applicable ????

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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28 May 2017 Yes applicable............................

Abhishek Dixit

Abhishek Dixit (Expert)
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29 May 2018 No need to aggregate the amount, its 200000 per transaction.
refer the press release issued by CBDT for amendment in Sub rule 3 of Rule 114E

Press Information Bureau
Government of India
Ministry of Finance
23-December-2016 13:14 IST
Reporting Cash Transactions under Rule 114E of Income –Tax Rules, 1962

Rule 114E of Income-Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016. Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961 is required to furnish a statement in respect of transaction at serial no. 11 of Rule 114E(2) relating to receipt of cash payment exceeding Rupees 2,00,000/- (Rupees Two Lakh) for sale of goods or service. Doubts were raised if such transactions are required to be aggregated for reporting.

The norms of aggregation contained in sub-rule 3 of Rule 114E have been amended vide CBDT’s Notification No. 91/2016 dated 6th October, 2016; clearly indicating that the said transactions did not require aggregation and the reporting requirement under SFT for this purpose is on receipt of cash payment exceeding Rupees Two Lakh for sale of goods or

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