Go AD-Free with CAclubindia Pro and Daily Mobile Updates. Subscribe Now!

Cash reciept

26 June 2017

sir please let me know that if i sale goods in multiple bills to a person totaling more than 200000 and if also accept multiple cash payments each less than 200000 at different dates will it attract any penalty u/s 269ST or any other according to new law

Reply
Follow
Share

3 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195600 Points)
Replied 26 June 2017

No penalty, but account each bills separately and match each receipt with the bills individually.

Poltu Ghosh (Job) (1865 Points)
Replied 26 June 2017

Multiple bills are not covered under 269ST provided none of the bill is more than 2 lakh. It does not matter if the aggregate of multiple bills exceed Rs 2 lakh.

Umesh V Naig (Statutory Analyst) (452 Points)
Replied 26 June 2017

INcome tax provision attracts penalty since a single or aggregate against sale.

9) What are the modes of receipt which are not allowed?

Some of the modes of receipt which are not allowed are cash, bearer cheque, crossed cheque, self cheque, adjustment or transfer entry in the books of account.

lso important to note that this limit on an occasion is not limited to per day basis therefore receipts even on various days in respect of a single event or occasion aggregating above Rs. 2 lacs is prohibited.

Read sec Section 269ST reads as follows"