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TMI BlogAPPLICABLE FROM 01/01/2016 -QUOTING OF PAN & REPORTING OF CASH TRANSACTION OF SALE/PURCHASE OF GOODS & SERVICES EXCEEDING RS. 2.00 LACX X X X Extracts X X X X X X X X Extracts X X X X ..... APPLICABLE FROM 01/01/2016 -QUOTING OF PAN & REPORTING OF CASH TRANSACTION OF SALE/PURCHASE OF GOODS & SERVICES EXCEEDING RS. 2.00 LAC X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 EXCEEDING ₹ 2.00 LAC PER TRANSACTION AND BUYER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... HAS PAN ACTION REQUIRED * PAN of seller and buyer to be written on the invoice itself * Verify the pan of buyer by taking copy of PAN card * No other compliance/filing of returns required SITUATION II (W.E.F.JANUARY 1, 2016 ONWARDS) TRANSACTION OF SALE or PURCHASE OF ANY GOODS/SERVICES EXCEEDING ₹ 2.00 LAC PER TRNSACTION BUT BUYER HAS NO PAN ACTION REQUIRED * One time registrati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on as reporting entity from Income Tax Department * PAN of seller to be written on the invoice itself * Form no 60 to be taken from buyer at the time of transaction with Id and address proof -KYC * A return in form no. 61 to be filed Half Yearly for such transactions (last date being 31st October for the half year ending September 30 and 30th April for the half year ending March 31. (since r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ules 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the complete financial year 2016-17 onwards with Director/Joint Director of Income-tax (Intelligence and Criminal Investigation). SITUATION IV TRANS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ACTION OF SALE OR PURCHASE OF ANY GOODS/SERVICES EXCEEDING ₹ 2.00 LAC PER TRANSACTION ON CASH BASIS AND BUYER HAS NO PAN ACTION REQUIRED * One time registration to be obtained by seller as reporting entity from IT Department * PAN of seller to be written on the invoice itself * Form no 60 to be taken from buyer at the time of transaction with id and address proof * A return in form ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no. 61 to be filed Half Yearly for such transactions (last date being 31st October 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 * Annual return in form no. 61A to be filed latest by 31st May for the complete financial ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar 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 p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an no (12345) without opening my files.
how? ( doubt is how do they track the cash transactions excluding bank transactions by the pan no)
Dated: 16-11-2016 X X X X Extracts X X X X X X X X Extracts X X X X
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