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<\/p>\n
INCOME TAX NOTIFICATION NO. SO 3545E DT. 30\/12\/2015
\nSALIENT FEATURES OF RULE 114 B- SL. NO. 18 OF TABLE
\nFOR ASSESSEE COVERED U\/S 44AB OF IT ACT, 1961
\nSales or purchase of any goods and services exceeding ₹ 2.00 lac per transaction
\n(with effect from (w.e.f.) Jaunuary 1, 2016
\n[Other than motor vehicles, hotel or restaurant bill, foreign travel expense, securities, LIC, immovable property etc. (covered otherwise by specific rules)]
\nSITUATION I (W.E.F. JANUARY 1, 2016 ONWARDS)
\nTRANSACTION OF SALE\/PURCHASE OF ANY GOODS\/SERVICES EXC<\/p>\n
= = = = = = = =<\/p>\n
Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n 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 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n rom January 1, 2016 hence first report in form 61 will be for the period January , 2016 to March 31, 2016 = = = = = = = =<\/p>\n Plain text (Extract) only<\/strong> = = = = = = = =<\/p>\n","protected":false},"excerpt":{"rendered":" APPLICABLE FROM 01\/01\/2016 -QUOTING OF PAN & REPORTING OF CASH TRANSACTION OF SALE\/PURCHASE OF GOODS & SERVICES EXCEEDING RS. 2.00 LACBy: – CAGOPALJI AGRAWALIncome TaxDated:- 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 … Continue reading “APPLICABLE FROM 01\/01\/2016 -QUOTING OF PAN & REPORTING OF CASH TRANSACTION OF SALE\/PURCHASE OF GOODS & SERVICES EXCEEDING RS. 2.00 LAC”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-824","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=824"}],"version-history":[{"count":0,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=\/wp\/v2\/posts\/824\/revisions"}],"wp:attachment":[{"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/goodsandservicetax.in\/GST\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
For full text:-Visit the Source <\/a><\/p>\n
\nCASH TRANSACTIONS OF SALE OR PURCHASE
\nTO BE REPORTED W.E.F. 01\/04\/2016
\nSITUATION III
\nTRANSACTION OF SALE or PURCHASE OF ANY GOODS\/SERVICES EXCEEDING ₹ 2.00 LAC PER TRANSACTION ON CASH BASIS EVEN THOUGH BUYER HAS PAN
\nACTION REQUIRED
\n * One time registration to be obtained by seller as reporting entity from IT Department
\n * PAN of seller and buyer to be written on the invoice itself
\n * Verify the PAN of buyer by taking copy of PAN card
\n * Annual Return in Form no. 61A to be filed latest by 31st May for t<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n
\n * 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)
\nThese are the personal views of the authors.
\nCA. Gopal Ji Agrawal
\nCA. S.S. Gupta
\n Reply By Anubhav Jain as =
\nHello,
\nif my CA mentions cash sale( above 2 lakhs) and pan no (let's assume it 12345) with them In my files.
\nCan the income tax department track this transaction just by the pan no (12345) without opening my files.
\nhow? ( doubt is how do they track the cash transactions excluding bank transactions by the pan no)
\n Dated: 16<\/p>\n
For full text:-Visit the Source <\/a><\/p>\n