Jan 23, 2017
Tax Update - Sale of Rs. 2,00,000/- made in cash:- If the person who is liable for audit under section 44AB of the Act receives cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature, then such person will have to provide the details to income tax department in online Form 61A as per section 285BA of Income Tax Act, 1961. Every taxpayer will have to submit such form by digitally signing it. The last date to file this form is 31st May for the financial year 2016-17. If the taxpayer does not file this form, then he will have to pay a penalty of Rs. 500 per day. If the form is filed late, then Rs. 100 penalty per day will be levied.