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Sir, i want ot know about form 61a which is new concept ?
As per rule 114E: Reporting any Receipt of cash payment exceeding Rs. 2 lakh for sale, by any person, of goods or services of any nature by any person who is liable for audit under section 44AB of the Act.
Its any particular transection/s (not aggregate) exceedeing 2 lakhs Rs. during the year
sir,
That means by selling any product if i received cash payment more than Rs 2lakh dn i have to reports right. As i am a business man selling machinery worth 3lac to 4 lac per machine and amount is being credited in my saving account is this to show in 61A.please clear this concept.
"As i am a business man selling machinery worth 3 lac to 4 lac per machine and amount is being credited in my saving account is this to show in 61A?"
If the credit is cash deposits.......... then yes.
If its by cheque/Draft or NEFT/RTGS etc., then NO need.
Sir,
One thing more want to know what if customer paid me partly,i.e suppose i sell machinery worth 3 lak and customer credit in my account through cash deposit in three installment that is 1lak each in one month.In this situation whether i have to submittted 61A, as i have not received more than two lakh at a time.
"" suppose i sell machinery worth 3 lak........."
that is A transaction, means single transaction, and hence payment/s for that particular transaction are counted aggregately.
Only possibility, machine sold in three different parts, billed separetely, and accordingly payments received differently, could be out of the clutch.
Sir,
you said
here i want make clear of my confusion thought the billing amount is 3Lak but i dnt received whole amount at a time ,1lak at the time of selling and rest 1 lac after three month ,and 1lac moe after two month.So in this case it is liable to pay 61A.Though aggregate amount more than two lak but i receive in three installment in different month.
Yes, but 3 installments of payments for single machine bill. So, payments are aggregated and hence the liable for reporting.
| Originally posted by : Dhirajlal Rambhia | ||
 |
Yes, but 3 installments of payments for single machine bill. So, payments are aggregated and hence the liable for reporting. |  |
Dear Dhirajlal Sir.,
If a bill made Rs.3,00,000/- and the amount will be receive CASH Rs. 1,50,000/- and BANk Rs. 1,50,000/-. If this case will file FORM 61a or NOT Avialable Sir...
@ Raja P M : Not applicable, as cash receipt doesn't exceed specified limit.
Hello Sir,
May i know is it compulsory for salary individual to give preliminary response for SFT ?
@ Romil: Only those having business/professional income and covered under tax audit u/s.44AB are required to file the SFT response.
For those who do not come under the criteria, its not applicable to them.
Dear Dhirajlal Sir.,
A customer get bill Rs. 250,000/- and settled cash payment. Now, I want his details like PAN and Address. But, He replied "Don't be account my cash receipt. Can you maintain outstanding. I'll give the Cheque for the bill amount. after i receive the cash for unaccount"...
It's available sir.,
Because, the customer is one of the important....
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