SFT for vehicle showroom or trader

1. no person shall receive 2 lakhs or more from a person in a single day or
2. no person shall receive 2 lakhs or more for single transaction
3. no person shall receive 2 lakhs or more for single event or occasion

sir what about regarding filling of SFT

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.

Who is required to file Statement of financial Transactions?

As per new rule following persons shall be required to furnish statement of financial transactions or reportable accounts registered or recorded or maintained by them during a financial year to the prescribed authority on or after 1st day of April, 2016.

Any person who is liable for audit under section 44AB of the Act
Banking Company
Co-operative Bank
Post Master General of Post office
Nidhi referred to in sec 406 of the Companies Act 2013
Non-banking Financial Company (NBFC)
Any Institution issuing Credit Card
Company or Institution issuing bonds or debentures
Company issuing shares
Trustee of a Mutual Fund
Authorized Dealer, Money Changer, Off-shore Banking Unit or any other person defined in FEMA, 1999
Inspector-General or Sub-Registrar appointed under Registration Act, 1908

Thank you sir
but if a vehicle trader receives all money in other than cash then is it necessary to file SFT? PL GUIDE

if you liable to audit your case then yes otherwise no

i.e. if your total sales or gross receipts exceeds 1 cr but less than 2 cr and if you not opted for presumptive taxation, then you have to file sft ... in simple words, if your case falls under 44AB, you need to file sft in form 61A

you are welcome