Income Tax – By: – CA GOPALJI AGRAWAL – Dated:- 2-1-2016 Last Replied Date:- 16-11-2016 – INCOME TAX NOTIFICATION NO. SO 3545E DT. 30/12/2015 SALIENT FEATURES OF RULE 114 B- SL. NO. 18 OF TABLE FOR ASSESSEE COVERED U/S 44AB OF IT ACT, 1961 Sales or purchase of any goods and services exceeding ₹ 2.00 lac per transaction (with effect from (w.e.f.) Jaunuary 1, 2016 [Other than motor vehicles, hotel or restaurant bill, foreign travel expense, securities, LIC, immovable property etc. (covered otherwise by specific rules)] SITUATION I (W.E.F. JANUARY 1, 2016 ONWARDS) TRANSACTION OF SALE/PURCHASE OF ANY GOODS/SERVICES EXCEEDING ₹ 2.00 LAC PER TRANSACTION AND BUYER HAS PAN ACTION REQUIRED PAN of seller and buyer to be written on the in
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eport in form 61 will be for the period January , 2016 to March 31, 2016 CASH TRANSACTIONS OF SALE OR PURCHASE TO BE REPORTED W.E.F. 01/04/2016 SITUATION III TRANSACTION OF SALE or PURCHASE OF ANY GOODS/SERVICES EXCEEDING ₹ 2.00 LAC PER TRANSACTION ON CASH BASIS EVEN THOUGH BUYER HAS PAN ACTION REQUIRED One time registration to be obtained by seller as reporting entity from IT Department PAN of seller and buyer to be written on the invoice itself Verify the PAN of buyer by taking copy of PAN card Annual Return in Form no. 61A to be filed latest by 31st May for the complete financial year 2016-17 onwards with Director/Joint Director of Income-tax (Intelligence and Criminal Investigation). SITUATION IV TRANSACTION OF SALE OR PURCHASE OF
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