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Entities to declare over Rs 2 lakh cash receipts by May 31: I-T
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SME Times News Bureau | 27 May, 2017
The Income Tax Department on Friday said that entities/people who have
received cash above Rs 2 lakh in 2016-17 fiscal for sale of goods and
services need to file Statement of Financial Transaction (SFT) in Form
61A by May 31.
SFT includes reporting of cash receipts exceeding
Rs 2 lakh for sale of goods/services by reportable persons that includes
banks, companies issuing shares/bonds/debentures/ mutual fund,
registrar/sub-registrar of property or any other person liable for audit
under section 44AB of the Income Tax Act.
It is mandatory to file Form 61A for statement of financial transaction (SFT) by reportable person.
The
Income Tax Department's clarification has made it clear that it is not
compulsory to file Form 61A for receipts below Rs 2 lakh cash for the
sale of goods and services.
"Post Income Tax Department's
clarification, the confusion in the minds of assesses whether it was
compulsory to file Form 61A even in case of non-reportable transactions
now stands addressed," Amit Jindal, Director, Felix Advisory, told IANS.
"It
has now been clarified that there is no need to file form 61A where
there is no reportable transaction and thereby, avoiding any future
queries from tax department regarding non-disclosure/ non filing," he
said.
The reporting person/entity is required to register with
the Income Tax Department and generate Income Tax Department Reporting
Entity Identification Number (ITDREIN).
The Income Tax Department
clarified that ITDREIN is mandatory only when at least one of the
transaction type is reportable. Also, a functionality "SFT Preliminary
Response" has been provided on the e-filing portal for the reporting
persons to indicate that a specified transaction type is not reportable
for the year.
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