As Per Sec. 285BA of I.T.Act of 1961 read with rule 114E, it is required to file details of Receipt of cash payment exceeding two lakh rupees for sale of goods or services of any nature in Form No 61A by the Assessee on whom Tax Audit is applicable.
Examples:
Case-1
Sales Made: 3 different Sales invoice of Rs. 1 lakh each total Rs 3 lakh to single person.
Payment Received: Cash – Rs 3 lakh
In Cheque – Nil
Reportable or Not Reportable: Not Reportable
Case-2
Sales Made: Single Sales invoice of Rs. 2.10 Lakh to single person.
Payment Received:Cash 1.90 lakh Cheque -Rs 20,000/-
Reportable or Not Reportable: Not Reportable
Case-3
Sales Made: Single Sales invoice of Rs. 2.60 lakh to single person.
Payment Received:Cash-Rs 2.05 Lakh
Cheque – Rs 55,000/-
Reportable or Not Reportable: Reportable
LAST DATE OF COMPLIANCE TO BE DONE OF THE SAME IS 31.05.2017.
Nil information is to be complied through compliance portal