Money Deals Reporting under Rule 114 E of IT Rules,1962 New Notice by Earnings Tax Department for Reporting Cash Deals under Rule 114 E of IT Rules,1962 Examine More information from listed below …
Guideline 114 E of Income-Tax Rules, 1962, for providing Declaration of Financial Transactions (SFT) entered force with effect from 1st April,2016 Anyone who is liable for audit under section 44 AB of the Income-Tax Act, 1961 is needed to provide a declaration in respect of transaction at serial no. 11 of Rule 114 E( 2) connecting to receipt of money payment exceeding Rupees 2,00,00 0/- (Rupees 2 Lakh) for sale of goods or service. Doubts were raised if such transactions are needed to be aggregated for reporting.
The norms of aggregation included in sub-rule 3 of Rule 114 E have been modified vide CBDT’s Alert No. 91/2016 dated sixth October, 2016; plainly suggesting that the said deals did not require aggregation and the reporting requirement under SFT for this function is on receipt of cash payment exceeding Rupees 2 Lakh for sale of items or services per transaction.
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