AS PER, 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. THE LIMIT OF 2,00,000/- IS FOR SINGLE TRANSACTION OR AGGREGATE OF ALL TRANSACTION FOR THE YEAR FROM A SINGLE PERSON.??
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Form 61a
Replies (5)
single transaction
if the receipt exceeds rs. 200000 for single transaction or aggregate of transaction exceeds 200000 from a single person
only for single transaction and no aggregation clarified by cbdt
IF THERE IS NO TRANSACTION IN EXCEED OF RS. 2,00,000/-, AND PERSON LIABLE FOR AUDIT U/S 44AB THAN ALSO THEY HAVE TO FILE 61A??
yes they have to file it as no data in form 61A
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