In case of SFT cash receipt in excess of 2 lac , limit should be checked in aggregate or in single transaction?
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Sft reporting in case of cash receipt
Replies (5)
The limit is for each single transaction...
Sir if i issue invoices on different date and received 5 lakh from same person against different bill on different date . Is it allowed and also sft transaction is reportable or not?
It will not be allowed when the invoices are raised on same person., being sales on credit.
But for cash invoice the person doesn't get involved and as such cash sales bills are allowed.
Sir if i have issued cash bill on single person bill amt per invoice less than 2 lac . 30 bills are issued in a year aggregate of which is 8 lac . Payment is received on different dates and for different bill relating to kirana items . Is it allowed and is it reportable as sft transaction?
It will be allowed provided cash receipts on any day does not equals to Rs. 2 lakhs or more.
Otherwise, you will be required to report it under SFT.
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