CBDT clarifies on cash-sales reporting; Rs 2 lakhs threshold applicable for 'each' transaction

Dec 23,2016

CBDT clarifies that Rs. 2 lakh threshold under Rule 114E for reporting of cash transactions relating to sale of goods/services shall apply on ‘individual transaction’ basis, and not on ‘aggregation’ basis; Government cites norms of aggregation contained in Rule 114E(3), amended vide notification no. 91/2016; Rule 114E(2) requires ...

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