I have billed Party A the following bills in a single day
Bill 1: 150000
Bill 2: 170000
Bill 3: 150000
In respect of the above bills I have received cash in the following tranactions on different dates
Payment 1: 190000
Payment 2: 190000
Payment 3: 90000
I am taking a stand that since I have not received cash exceeding 2 lakhs per transction (bill basis), I am not covered under Section 114E. Please clarify if I am interpreting the law correctly.
"I have billed Party A the following bills in a single day"
The aggregate of bills is taken on single day for same party A, So, based on cash sale on single day, you are required to report the transaction.
Yes, that way it is easy to break a single transaction into multiple cash bills on same day!!
Secondly cash receipts are also not corresponding to any particular bill, but aggregating them.
Do you think anyone need to report cash transaction under SFT in this manner?
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yes. you are correct. as per the clarification issued by department it says that in case of business entity aggregate rule does not apply for sale transactions. |  |
YES. As per CBDT notifications, aggregation in case of sales/receipts is not taken for WHOLE year ; but can it be extended for all the transactions during a SINGLE DAY?
And the charm is the transaction might be single only, but query could be for just escapment!!
then in this case TCS would also be applicable on these three bills
CAclubindia
