form 61a

To keep a watch on high value transactions undertaken by the taxpayer, the Income-tax Law has framed the new concept of furnishing of Statement of financial Transactions in Form No 61A . With the help of the statement the tax authorities collects information on certain prescribed high value transactions undertaken by a person during the year.
 

New Rule 114E of the income tax rules requires all assessees liable for  tax audit u/s 44AB 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.
 

sir do we have to file it if single transaction cash receipt does not exceed 2,00,000/- but aggregate it exceeds

No need to file ........ provided aggregate of amount from single person/party does not exceed 2 lakhs per day, or per transaction (bill)

ok.thanks a lot.

Most Welcome