Cash payments Transaction Requirement U/s 285BA

Requirements of Section 285BA read with Rule 114E of the Income Tax Act, 1961

1.      All the assesses who are required to get their books of accounts audited under section 44AB of the act are required to report the following transactions to Income Tax Department 

Transaction Description                     

Cash payments for goods and services

Nature and value of transaction       

Receipt of cash payment exceeding two lakhs rupees for sale, of goods or services of any nature per transaction

2.      All the Corporate Assessees who have issued shares during the financial year 2019-20 are required to report the following transactions to the Income Tax Department 

Transaction Description                

Purchase of shares (including share application money) issued by the company

Nature and value of transaction

Receipt from any person of an amount aggregating to ten lakhs rupees or more for acquiring shares (including share application money)  

3.      All the Corporate Assessees who have issued bonds or debentures during the financial year 2019-20 are required to report the following transactions to the Income Tax Department 

Transaction Description                

Purchase of bonds or debentures issued by the company (excluding the renewal of debentures or bonds)

Nature and value of transaction    

Receipt from any person of an amount aggregating to Ten lakhs rupees or more for acquiring debentures or bonds (other than the amount on account of renewal of the bond or debenture issued by that company)

The last date i.e. due date for furnishing above details is 31^st May, 2020. Therefore, I hereby request you to kindly provide the required details at the earliest to your consultant, so they can compile and file the same with the department within due date.