{"id":94731,"date":"2016-12-25T15:00:07","date_gmt":"2016-12-25T09:30:07","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=94731"},"modified":"2016-12-25T12:23:02","modified_gmt":"2016-12-25T06:53:02","slug":"reporting-cash-transactions-under-rule-114e-of-income-tax-rules-1962","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/12\/25\/reporting-cash-transactions-under-rule-114e-of-income-tax-rules-1962\/","title":{"rendered":"Reporting Cash Transactions under Rule 114E of Income Tax Rules, 1962"},"content":{"rendered":"<p style=\"text-align: justify;\">Rule 114E of Income Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, 2016. \u00a0Any 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 at Serial No. 11 of Rule 114E(2) relating to receipt of cash payment exceeding Rupees 2,00,000 (Rupees Two Lakh) for sale of goods or service. Doubts were raised if such transactions are required to be aggregated for reporting.<\/p>\n<p style=\"text-align: justify;\">The norms of aggregation contained in sub-rule 3 of Rule 114E have been amended vide CBDT\u2019s Notification No. 91\/2016 dated 6<sup>th<\/sup> October, 2016; clearly indicating that the said transactions did not require aggregation and the reporting requirement under SFT for this purpose is on receipt of cash payment exceeding Rupees Two Lakh for sale of goods or services per transaction.<\/p>\n<p style=\"text-align: right;\">Ministry of Finance<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rule 114E of Income Tax Rules, 1962, for furnishing Statement of Financial Transactions (SFT) came into force with effect from 1st April, <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1188,2],"tags":[],"class_list":["post-94731","post","type-post","status-publish","format-standard","hentry","category-hot_off_the_press","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Reporting Cash Transactions under Rule 114E of Income Tax Rules, 1962 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2016\/12\/25\/reporting-cash-transactions-under-rule-114e-of-income-tax-rules-1962\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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