APPLICABLE FROM 01/01/2016 -QUOTING OF PAN & REPORTING OF CASH TRANSACTION OF SALE/PURCHASE OF GOODS & SERVICES EXCEEDING RS. 2.00 LAC
By: – CAGOPALJI AGRAWAL
Income Tax
Dated:- 2-1-2016
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 EXC
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ber for the half year ending September 30 and 30th April for the half year ending March 31. (since rules are applicable from January 1, 2016 hence first report 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 t
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rom January 1, 2016 hence first report in form 61 will be for the period January , 2016 to March 31, 2016
* 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)
These are the personal views of the authors.
CA. Gopal Ji Agrawal
CA. S.S. Gupta
Reply By Anubhav Jain as =
Hello,
if my CA mentions cash sale( above 2 lakhs) and pan no (let's assume it 12345) with them In my files.
Can the income tax department track this transaction just by the pan no (12345) without opening my files.
how? ( doubt is how do they track the cash transactions excluding bank transactions by the pan no)
Dated: 16
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