Filing of Statement of Financial Transaction SFT u/s 285BA-Form-61A New Rule 114E for Annual Information Return (AIR) - CBDT Notification-95/2015.

New Rule 114E of the income tax rules requires all assessees liable for tax audit u/s 44AB will have to file statement of financial transactions in Form 61A, in case of receipt of cash payment exceeding of Rs. 2,00,000/- for sale of goods/services of any nature.

Many professional seems to be under doubt if NIL SFT is to be furnished. Please note that filing of NIL SFT is not envisaged in the Notification issued in this regard. Filing SFT is obligatory only if there are any reportable transactions and not otherwise.

The first doubt of people is that whether cash sales needs to be aggregated.

Answer is No.

See clarification. Also aggregation rule in Rule 114E clearly provides this.

Second doubt is whether Nil form 61A is to be filed.

Answer is No, because section 285BA puts obligation only if there is a reportable transaction. Further subrule(2) of Rule 114E says that Every person who has entered into following transactions shall furnish form 61A.