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Businessman Will Report Income Tax On Every 2 Lakh Cash Transaction

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By 2015, India’s consumer market will be as big as Italy’s, and will grow into the fifth biggest worldwide 10 years after that. India’s expanding middle class has prompted big Indian conglomerates such as Tata, Reliance, and Bharti to expand into retail. Foreign brands such as Nike, Samsung, and Sony have tied up with local players, and Wal-Mart is entering the fray via an alliance with Bharti.

New Delhi, 23 Dec 2016 : On the requirement for reporting cash payments exceeding Rs 2 lakh for sale of goods or services, the government on Friday clarified that the rule applies only to single transactions, which are not required to be aggregated for the purpose.
The Central Board of Direct Taxes (CBDT) has clarified that reporting requirements as per the rules are applicable when a single transaction involves receipt of cash payment exceeding Rs 2 lakh for sale of goods or services, signifying that no aggregation is required, a Union Finance Ministry release here said.
“Any person who is liable for audit under section 44AB of the Income-Tax Act, 1961, is required to furnish a statement in respect of transaction relating to receipt of cash payment exceeding Rs 2 lakh for sale of goods or service,” it said
“Doubts were raised if such transactions are required to be aggregated for reporting.
“CBDT has clearly indicated that the said transactions did not require aggregation and the reporting requirement under SFT (Statement of Financial Transactions) for this purpose is on receipt of cash payment exceeding Rupees Two Lakh for sale of goods or services per transaction,” it added.

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