Cash receipts exceeding rs. 2.00 lac

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 May 2017 One of my clients have purchased from me machineries on different dates billed for Rs. 1.50 lac, 1.25 lac & Rs. 1.7 lac. He paid me cash rs. 1.50 lac, 1.25 lac & 1.7 lac on different dates. Whether the said cash receipts are liable to be penalised U/S.269ST

Radhakrishnan K.V.

Radhakrishnan K.V. (Expert)
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19 May 2017 You will not be penalized u/s 271DA since according to Section 269ST
" No person shall receive an amount of two lakh rupees or more—
(a) in aggregate from a person in a day; or
(b) in respect of a single transaction; or
(c) in respect of transactions relating to one event or occasion from a person
otherwise than by an account payee cheque or an account payee bank draft or use of electronic clearing system through a bank account:"