AS PER THE SFT PROVISIONS PEOPLE COVERED UNDER TAX AUDIT U/S 44AB NEEDS TO REPORT IF “CASH RECEIPT FOR SALE, BY ANY PERSON, OF GOODS OR SERVICES OF ANY NATURE EXCEEDING RS 2 LAKH”
MY DOUBT IS REGARDING THE INTERPREATATION. 2 LACS LIMIT IS PER PARTY OR PER INVOICE.
FOR EXAMPLE, I HAVE ISSUED MULTIPLE SALES INVOICES TO MR X AMOUNTING TO TOTAL 10 LACS DURING THE YEAR. NOW HE HAS PAID, THROUGHT MULTIPLE PAYMENTS, 7 LACS VIA BANK AND 3 LACS IN CASH OVER THE YEAR IN PARTS.
WILL I HAVE TO REPORT THIS UNDER SFT?
CAclubindia
