Hello Members,
While submitting the details for Form 61A for the SFT details. Do we report the net sales or does gross sales number have to be reported? Below is the example if you could please help with the same.
The client is involved in the jewelry business, coming within the purview of section 44AB they are required to report SFT transactions. In a few of the cases, there has been cash sale of above 2 lakhs but after deduction / accounting the ol old gold purchase net sale value is less than 2 lakhs.
Query, do we have to report this type of transaction, or will they be exempted from reporting.
Thanks in Advance
Gaurav Jhanwar
CAclubindia
