{"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 v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\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\" \/>\n<meta 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Income Tax ( 26th Amendment) Rules, 2016 notified","author":"Saba","date":"October 13, 2016","format":false,"excerpt":"S.O. 3160(E).\u2014 In exercise of the powers conferred by Section 139A and Section 285BA, read with Section 295 of the Income Tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income Tax Rules, 1962, namely:\u2014 1. (1) These\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":98541,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/01\/11\/bank-accounts-to-be-linked-with-pan-form-no-60-by-feb-28-2017\/","url_meta":{"origin":94731,"position":1},"title":"Bank accounts to be linked with PAN &#038; Form No. 60 by Feb. 28, 2017","author":"Saba","date":"January 11, 2017","format":false,"excerpt":"G.S.R. 14(E).\u2014In exercise of the powers conferred by Section 139A and Section 285BA, read with Section 295 of the Income Tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the\u00a0following rules further to amend the Income-tax Rules, 1962, namely:\u2014 1. (1) These rules may be\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":248480,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/05\/20\/government-extends-certain-timelines-in-light-of-severe-pandemic\/","url_meta":{"origin":94731,"position":2},"title":"Government extends certain timelines in light of severe pandemic","author":"Bhumika Indulia","date":"May 20, 2021","format":false,"excerpt":"The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic, has, on consideration of representations received from various stakeholders,decided\u00a0 to\u00a0 extend timelines for compliances under the Income-tax Act,1961 in the following cases, as under: The Statement\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/Press-Information-Bureau.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/Press-Information-Bureau.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/Press-Information-Bureau.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/Press-Information-Bureau.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2015\/11\/Press-Information-Bureau.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":134031,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/05\/27\/cbdt-issues-clarification-on-furnishing-statement-of-financial-transaction-sft-preliminary-response\/","url_meta":{"origin":94731,"position":3},"title":"CBDT issues Clarification on furnishing Statement of Financial Transaction &#038; SFT Preliminary Response","author":"Saba","date":"May 27, 2017","format":false,"excerpt":"Section 285BA of the Income-tax Act, 1961 requires furnishing of a Statement of Financial Transaction (SFT) for transactions prescribed under Rule 114E of the Income-tax Rules, 1962. The due date for filing such SFT in Form 61A is 31st May 2017. In case there are reportable transactions for the year,\u2026","rel":"","context":"In &quot;News&quot;","block_context":{"text":"News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":86091,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/17\/demonetisation-banks-to-comply-with-rule-114b-of-income-tax-rules-1962\/","url_meta":{"origin":94731,"position":4},"title":"Demonetisation: Banks to comply with Rule 114B of  Income Tax Rules, 1962","author":"Saba","date":"November 17, 2016","format":false,"excerpt":"Please refer to our\u00a0Circular DCM (Plg) No.1226\/10.27.00\/2016-17 dated November 08, 2016 on the captioned subject. With a view to ensure compliance with provisions of 114B of the Income Tax Rules, 1962, the banks are advised as under: Anybody depositing more than Rs 50,000\/- in cash in their bank account has\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":86341,"url":"https:\/\/www.scconline.com\/blog\/post\/2016\/11\/18\/transactions-in-relation-to-which-quoting-pan-is-mandatory\/","url_meta":{"origin":94731,"position":5},"title":"Transactions in relation to which quoting PAN is mandatory","author":"Saba","date":"November 18, 2016","format":false,"excerpt":"The Income Tax Department prescribes a list of transactions for which quoting of Permanent Account Number (PAN) is mandatory. These are listed in Rule 114B of the Income Tax Rules, 1962 which were first inserted with effect from 1st November, 1998 and have been amended from time to time. The\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/94731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=94731"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/94731\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=94731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=94731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=94731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}