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APPLICABLE FROM 01/01/2016 -QUOTING OF PAN & REPORTING OF CASH TRANSACTION OF SALE/PURCHASE OF GOODS & SERVICES EXCEEDING RS. 2.00 LAC

Income Tax - By: - CA GOPALJI AGRAWAL - Dated:- 2-1-2016 Last Replied Date:- 16-11-2016 - 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 or purchase of any goods and services 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 o .....

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BUT BUYER HAS NO PAN ACTION REQUIRED One time registration 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 rules are applicable from January 1, 2016 hence first re .....

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N 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 TRANSACTION 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 F .....

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