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of <h1>CBDT Clarifies Rule 114E: No Aggregation Needed for Reporting Cash Transactions Over Rs. 2 Lakh u/s 44AB Audit.</h1> Rule 114E of the Income-tax Rules, 1962, effective from April 1, 2016, mandates individuals subject to audit under section 44AB of the Income-tax Act, 1961, to report financial transactions involving cash payments exceeding two lakh rupees for goods or services. Clarifications were sought on whether such transactions needed aggregation for reporting. The Central Board of Direct Taxes amended the norms, specifying that aggregation is not required; reporting is necessary for each transaction exceeding the specified cash payment threshold. This amendment was formalized through Notification No. 91/2016 on October 6, 2016.
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