Cash Transactions for which details needs to submitted by 30.04.2017

 01/05/2017

Cash Transactions for which details needs to submitted by 30.04.2017 ( Author - vijay rai )

PLEASE TAKE NOTE OF RULE 114B– 114C of the Income-tax Rules, 1962!

If you are a Banking Company or Co-operative Bank or NBFC, Trustee of Mutual Fund, SRO, RTO, a Depository Participant or Custodian of Securities, Stock Broker, Share Transfer Agent, Broker to an issue, Merchant Banker, Portfolio Manager, Investment Advisor, a trader of goods or a service provider (with turnover exceeding Rs. 1 crore or professional receipt exceeding Rs, 25 lakh during F.Y. 2016-17), Foreign Tour Operator or a Foreign Exchange Dealer and If you have accepted payments between 01.09.2016 and 31.03.2017 of Rs. 50,000 – Rs. 10,00,000 without quoting PAN of the Payee/Depositor then, you are required to get yourself registered and file Form 61.

Last Date for Online Submission of details of Cash Transactions mentioned below is 30th APRIL, 2017

Transaction Details

Amount	Transaction
Exceeding Rs. 50,000/-	1. Payment in cash to hotels or restaurant against a bill or bill at any one time
	2. Payment in cash for foreign travel or purchase of foreign exchange
	3. payment to a mutual Fund for unit purchase
	4. payment for acquiring bounds or debenture issued by a company or institution
	5. payment to RBI for acquiring Bonds issued by RBI
	6. Deposit with banking company or a co-operative bank in a day
	7. payment in a day for purchase of bank drafts or pay order or bankers cheque
	8. Time deposit in a day with (i) Banking company or a co-operative bank (ii) Post Office (iii) A Nidhi (iv) NBFC
	9. Pre-paid payment document as defined by RBI
	10. Payment as Life Insurance premium in a year
Exceeding Rs. 1 Lakh Per transaction	1. Contract for sale or purchase of securities (other than shares) 2. Sale or purchase of share of utilised companies
Exceeding Rs. 2 Lakh Per transaction	Sale or purchase by any person of goods or services of any nature
Exceeding Rs. 10 Lakh or valued by stamp valuing authority	Sale or purchase by any person of any immovable property

About the author vijay rai ACCOUNTS AND TAX CONSULTANTS

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